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Lenovo profit up 30 percent but growth slows

Lenovo profit up 30 percent but growth slows

By Associated Press | Updated: 16 August 2012 10:41 IST

Lenovo Group said Thursday its quarterly profit rose 30 percent on strong sales in developing markets but growth slowed amid global economic weakness.

The world's second-largest personal computer maker said it earned $144 million in the three months ending June 30 on $8 billion in global sales. The profit growth rate was down from the previous quarter's 59 percent increase.

PC shipments in the Asia-Pacific region and Latin America rose 59.2 percent while those to Europe, the Middle East and Africa were up 62.3 percent.

"Despite uncertainties in global economic conditions impacting the PC market in the short term, we will remain focused to outperform the worldwide PC market in a profitable way," said chief financial officer Wong Waiming in a conference call with reporters.

"Our strategic investments in mobile internet have started contributing to the growth in sales and improved profitability."

The company passed Dell Inc. last year as the second-biggest PC maker and said Thursday it has narrowed the global market share gap with industry leader Hewlett-Packard Co.

Lenovo said it sold 5 million smartphones in China in the quarter, passing PC sales by number of units for the first time.

The company, with headquarters in Beijing and in Research Triangle Park, North Carolina got into wireless Internet in 2010. It has launched smartphones and Web-linked tablet computers to compete with Apple Inc., South Korea's Samsung Electronics Corp. and Taiwan's HTC Corp.

Lenovo launched its latest ThinkPad notebook last week and said it is designed to appeal to users who want the convenience of a tablet, with a faster startup, lighter weight and longer battery life.

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