 "Lenovo Q4 profit gains 90%")
Lenovo Group Ltd, the world's second-biggest maker of personal computers, reported a 90 per cent gain in fourth-quarter profit after increasing its market share and boosting smartphone sales.
Net income climbed to $126.9 million in the three months ended March, from $66.8 million a year earlier, Lenovo said in a statement today. That beat the $108.1 million average of eight analysts' estimates compiled by Bloomberg.
Lenovo is developing mobile devices such as smartphones and tablets as it seeks to lure customers from Apple Inc and Samsung Electronics Co and weather a global slump in demand for PCs. The company maintained PC sales and expanded market share in the quarter, even as global shipments dropped 13.9 per cent, researcher International Data Corp reported in April.
Revenue rose 4.5 per cent to $7.83 billion. That compares with the $7.98 billion average of 14 estimates compiled by Bloomberg.
Lenovo, which has its headquarters in Beijing and Morrisville, North Carolina, rose 2.8 per cent to close at HK$7.38 in Hong Kong. The stock has climbed 5.1 per cent this year, surpassing the 0.1 per cent gain for the city's Hang Seng Index.
Net income climbed to $126.9 million in the three months ended March, from $66.8 million a year earlier, Lenovo said in a statement today. That beat the $108.1 million average of eight analysts' estimates compiled by Bloomberg.
Lenovo is developing mobile devices such as smartphones and tablets as it seeks to lure customers from Apple Inc and Samsung Electronics Co and weather a global slump in demand for PCs. The company maintained PC sales and expanded market share in the quarter, even as global shipments dropped 13.9 per cent, researcher International Data Corp reported in April.
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"Somebody over there is doing something right," Alberto Moel, an analyst at Sanford C Bernstein & Co in Hong Kong, said by telephone. "The size of the beat is quite solid. They did better margins everywhere, with material expansion in PCs in Europe, West Asia and Africa as well as North America, while the smartphone business also continued to improve."
Revenue rose 4.5 per cent to $7.83 billion. That compares with the $7.98 billion average of 14 estimates compiled by Bloomberg.
Lenovo, which has its headquarters in Beijing and Morrisville, North Carolina, rose 2.8 per cent to close at HK$7.38 in Hong Kong. The stock has climbed 5.1 per cent this year, surpassing the 0.1 per cent gain for the city's Hang Seng Index.