Lenovo logs record quarterly profit in Q3, tops market estimates

HONG KONG Wed Jan 30, 2013 2:38pm IST

The ThinkPad maker Lenovo's logo is seen at an electronic shop in Tokyo September 5, 2012. REUTERS/Kim Kyung-Hoon/Files

The ThinkPad maker Lenovo's logo is seen at an electronic shop in Tokyo September 5, 2012.

Credit: Reuters/Kim Kyung-Hoon/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

New Direction

REUTERS SHOWCASE

Mt Gox Update

Mt Gox Update

Mt Gox set to liquidate as court denies rehabilitation.  Full Article 

New Culture

New Culture

New CEO Nadella pushes data culture at Microsoft.  Full Article 

Upbeat on S5

Upbeat on S5

Samsung executive says Galaxy S5 to outsell S4, sees Q2 rollout for Tizen phone.  Full Article 

Mobile Safety

Mobile Safety

Smartphone makers, carriers embrace anti-theft initiative.  Full Article 

Bitcoin Saga

Bitcoin Saga

Defunct bitcoin exchange Mt. Gox files for liquidation - WSJ.  Full Article 

Yahoo Result

Yahoo Result

Yahoo's growth anemic as turnaround chugs along.  Full Article 

Tech Acquisition

Tech Acquisition

Twitter buys social data provider Gnip, stock soars.  Full Article 

Leave Steve Out

Leave Steve Out

Keep Steve Jobs' personality out of trial - tech companies.  Full Article 

Beating Estimate

Beating Estimate

Intel's first-quarter net profit falls but beats Street.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage