Lenovo third-quarter profit grows 25%


Lenovo third-quarter profit grows 25%

Jenny Williams

Chinese PC manufacturer Lenovo has reported a 25% increase in profits for its third fiscal quarter.

Net profit reached $99.65m (£61.91m), up 25% from $79.5m in the same period last year. Sales for the period ending 31 December 2010 were $5.81bn (£3.61bn), an increase of 22% compared to $4.78bn.

Lenovo CEO Yang Yuanqing said, "Looking forward, we will invest in building our global brand, driving more product innovation and creating an even more efficient end-to-end business model. Based on this, we are confident we can continue to outgrow the market and deliver strong results across our business."

The PC maker said its worldwide shipments were up 21% in the quarter with an increase of 52% in mobile shipments.

The latest PC sales figures, released by analyst Gartner, showed Lenovo increased its market share by 31% between 2009 and 2010, the strongest growth among the top five PC suppliers worldwide. Its market share in China reached 32.2% at the end of December, with strong growth in large enterprise businesses and all-in-one desktop PCs, said the company.

Lenovo and Japan's NEC recently formed a joint venture to become the largest PC group in Japan. Lenovo said the partnership provides an opportunity to expand its PC businesses in Japan through stronger market position, product portfolios and distribution channels.

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