Lenovo logs record quarterly profit in Q3, tops market estimates
HONG KONG (Reuters) - Lenovo Group Ltd (0992.HK), on track to become the world's top maker of personal computers, reported a record quarterly profit, up 33.5 percent from a year earlier, as it gained more share in the PC market and made inroads in the smartphone business.
The ThinkPad maker, also China's No. 2 smartphone vendor, said on Wednesday net profit in its October-December third quarter had risen to $204.9 million, above the average estimate of $178.4 million in a Thomson Reuters I/B/E/S poll of 11 analysts.
Lenovo has rapidly gained market share in the PC sector on the back of acquisitions over the past few years. The company trails Hewlett Packard Co (HPQ.N) by a slim margin in PC shipments, according to technology research group IDC.
As PC demand growth slows, Lenovo has been diversifying into the mobile device sector to tap robust demand for smartphones and tablets, particularly at home in China, the world's biggest market for mobile phones and personal computers. (Reporting by Lee Chyen Yee; Editing by Chris Gallagher)
- Tweet this
- Share this
- Digg this
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Jet Airways chairman says looking to restructure debts, talking to bankers
- Nifty hits record high on foreign buying, higher Asian stocks
- Rebels likely downed Malaysian jet 'by mistake' - U.S. officials
- U.N.'s Pillay says Israel may be committing war crimes
Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market. Read | China sales drive strong results