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:

REUTERS SHOWCASE

26/11 Accused

26/11 Accused

Pakistan to appeal bail for Mumbai attack "mastermind".  Full Article 

Android For cars

Android For cars

Exclusive: Google aiming to go straight into car with next Android – sources.  Full Article 

Mass Stabbing

Mass Stabbing

Eight children killed in Australia in reported mass stabbing.  Full Article 

In Distress

In Distress

Former SpiceJet owner leading rescue plan: reports.  Full Article 

PM's Moves

PM's Moves

Modi moves in to speed up $300 billion stuck projects.  Full Article 

Losing Popularity

Losing Popularity

Dalai Lama's star waning in the West, China official says.  Full Article 

Tis' The Season

Tis' The Season

Stars around the world wish you Happy Holidays.  Video 

Cyber Warfare

Cyber Warfare

For N.Korea's cyber army, long-term target may be telecoms, utility grids.  Full Article 

Reuters India Mobile

Reuters India Mobile

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