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August 17, 2018

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Lenovo shifts to black

Lenovo Group Ltd posted a profit turnaround in its fiscal quarter ended in June amid a robust double-digit growth in revenue as computer sales boomed, China鈥檚 No. 1 PC maker said yesterday.

Hong Kong-listed Lenovo鈥檚 net profit totaled US$77 million in the quarter, a reversal from its loss of US$72 million a year ago. The result beat analysts鈥 prediction of US$59 million.

Its revenue jumped 19 percent year on year to US$11.9 billion for a second consecutive double-digit quarterly growth.

Lenovo has 鈥減assed the turning point鈥 and entered a phase of 鈥渁cceleration,鈥 Yang Yuanqing, the company鈥檚 chairman and CEO, said in a statement yesterday.

The turnaround boosted Lenovo鈥檚 shares by 3.37 percent yesterday, compared with a 0.82 percent drop in the key Hang Send Index.

Globally, PC sales are set to rebound 1 percent in 2018, according to researchers Gartner and IDC.

Lenovo also has growing businesses covering data center, supercomputing and investment.

Lenovo鈥檚 Capital and Incubator Group will continue to invest in next-generation IT capabilities in artificial intelligence, Internet of Things, big data and virtual reality/augmented reality in manufacturing, health care and transport, the company said.


 

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