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Lenovo’s net profit more than doubles
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Lenovo Group Ltd said its net profit more than doubled in the quarter to June 30, thanks to booming computer sales and a market rebound.
Net profit reached US$162 million in Lenovo’s first fiscal quarter, up 111 percent from a year ago. Revenue grew 5 percent year on year to US$12.5 billion in the quarter.
“Lenovo’s Intelligent Transformation is enabling the company to drive sustainable, profitable growth in today’s dynamic and changing world,” Yang Yuanqing, chairman and CEO, said in a statement.
The company’s global footprint in 180 regional markets makes the company “well-positioned” in spite of “industry-wide geopolitical and trade uncertainties,” Yang added.
In its PC business, sales growth outgrew the market.
In the quarter, Lenovo hit a record PC market share of 24.9 percent globally, which means one in every four PCs in the world is from Lenovo.
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