Reuters: Technology News: China's Lenovo buys and diversifies to outshine PC rivals

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China's Lenovo buys and diversifies to outshine PC rivals May 23rd 2013, 04:48 Tweet Share this Email Print Related News HP raises 2013 outlook as Whitman's plan takes hold Wed, May 22 2013 Dell's profit dives as billionaire battle rages on Thu, May 16 2013 Customers talk to a salesperson about a new laptop at a Lenovo shop in Shanghai February 17, 2011. Credit: Reuters/Aly Song HONG KONG | Thu May 23, 2013 12:29am EDT HONG KONG (Reuters) - China's Lenovo Group Ltd posted a 90 percent rise in its quarterly net profit, its fastest pace in seven quarters, as a result of strong PC and smartphone demand in its domestic market. Lenovo, on track to unseat Hewlett-Packard Co as the world's top PC maker by shipments, posted net profit of $126.9 million in the quarter ended March, up from $66.8 million a year earlier, based on Reuters calculations using full-year and nine-month financial data. That was the fastest pace since the first quarter of the 2011/2012 fiscal year, when growth doubled. For the full year, Lenovo's net profit rose by a third to $635.1 million, it said in a statement to the Hong Kong stock exchange, beating an estimate of $618.2 million in a poll of 31 analysts by Thomson Reuters I/B/E/S/. (Reporting by Lee Chyen Yee and Twinnie Siu; Editing by Daniel Magnowski) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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