Lenovo’s quarterly profit falls less than expected
Beijing — Lenovo’s quarterly profit fell less than expected after the global PC market eked out growth for the first time since 2012. The world’s second largest PC maker reported a 41% slide in net income to $107m in the three months ended March. This compares with the $97.9m average of analysts’ estimates compiled by Bloomberg. Revenue increased 5% to $9.6bn compared with the $9.65bn projected. Lenovo narrowly lost its top position in global PCs to HP in the quarter, but managed to increase market share as industry shipments grew 0.6%, the first time they’ve risen since early 2012 according to IDC. Lenovo’s biggest rival posted better-than-expected revenue growth as the market stabilised. Overall demand, however, remains depressed and Lenovo needs to tap new sources of growth or turn around an under-performing smartphone division. It’s re-enlisted the executive who steered the acquisition of Motorola to run its Chinese PC arm, shaking up its senior ranks to breathe new life into a ...
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