Lenovo boasts double quarterly profit

PanARMENIAN.Net - Lenovo Group, the world's No. 3 personal computer manufacturer, said Thursday, August 18, its quarterly profit nearly doubled on strong emerging market sales, AP reports.

The results come as Lenovo expands into mobile Internet, competing with Apple Inc. and other foreign rivals, and in developed markets with an acquisition this year in Germany and a joint venture in Japan.

Profit for the three months ending June 30 was $108 million, or 1.11 U.S. cents per share, up 98 percent from a year earlier, Lenovo said. It said sales rose 15 percent from the same period last year to a quarterly record of $5.9 billion and global market share hit a high of 12.2 percent.

Lenovo, which acquired IBM Corp.'s PC unit in 2005, overtook Taiwan's Acer Group this year to become the third-largest PC vendor, according to International Data Corp.

Lenovo entered wireless Internet last year and has launched smartphones and Web-linked tablet computers in competition with Apple, South Korea's Samsung Electronics Corp. and Taiwan's HTC Corp. It unveiled a low-priced smartphone last week to target developing markets.