Reuters: Technology News: Lenovo first-quarter profit jumps as smartphone push pays off

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Lenovo first-quarter profit jumps as smartphone push pays off Aug 14th 2013, 23:47 Tweet Share this Email Print Related News Cisco cutting 4,000 jobs, CEO sees 'slow' progress 6:20pm EDT New iPhone, 4G technology may mean Apple, China Mobile tie-up closer 4:54pm EDT Watsa to hold keys to a BlackBerry deal 4:42am EDT Exclusive: DoCoMo to select Sony, Sharp, Fujitsu for new smartphone lineup - sources 4:11am EDT EXCLUSIVE-DoCoMo to select Sony, Sharp, Fujitsu for new smartphone lineup-sources 4:10am EDT Analysis & Opinion BlackBerry’s Blues Money damages should be good enough for Apple in smartphone wars Customers talk to a salesperson about a new laptop at a Lenovo shop in Shanghai February 17, 2011. Credit: Reuters/Aly Song Wed Aug 14, 2013 7:47pm EDT (Reuters) - Lenovo Group Ltd, the world's largest PC maker, booked a forecast-beating 23 percent jump in April-June net profit to deliver its second-best quarterly earnings, as its push into smartphones and tablets begins to bear fruit. With the traditional PC sector on the decline, Lenovo has accelerated its foray into mobile devices, rapidly rising to become the No. 2 smartphone vendor in China, the world's largest smartphone market. It is also expanding into other emerging economies and has said it will start selling phones in the United States, perhaps this year. Lenovo, which toppled Hewlett-Packard Co in PC rankings this year, posted a net profit of $174 million in the quarter ended June, beating a consensus estimate of $166.0 million. It overtook ZTE Corp as the world's No. 4 smartphone maker in April-June with market share of 4.7 percent, behind Samsung Electronics Co Ltd, Apple Inc and LG Electronics Inc, according to research firm IDC. As sales of its LePhones and tablet PCs gain traction, margins are expected to improve and revenue from its mobile Internet and digital home (MIDH) unit is set to rise to 25 percent in its fiscal year ended March 2015 from 16 percent in the year ended March 2013, analysts have said. Overall quarterly revenue for the ThinkPad maker rose 9.7 percent to $8.8 billion. Its gross profit margin for the quarter was up 0.5 percentage points from 13.1 percent a year earlier, it said in a statement on the Hong Kong stock exchange. Lenovo quickly gained market share in PCs on the back of a string of acquisitions and speculation is rife that it will do the same to expand further in smartphones and tablets. It has been mentioned as a possible partner for HTC Corp and as potentially interested in BlackBerry Ltd, which is exploring a sale of itself. For a copy of the statement, please click: here (Reporting by Lee Chyen Yee; Editing by Edwina Gibbs) 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.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions