Business     

Lenovo's Q2 profit and market share rise

Shanghai Daily, August 17, 2012

• Lenovo Group Ltd's second-quarter net profit surged 30 percent annually and its market share rose, helping it catch up with world leader Hewlett-Packard.

  Its net profit totaled US$141.4 million in the three months ended June 30, from US$108.8 million a year earlier, on overseas sales and mobile Internet business.

  Lenovo's revenue soared 35 percent to US$8.01 billion in the second quarter.

  ''Even with a weak macro-economic environment, and the PC market seeing negative growth, these new areas still shine, especially smartphones and emerging markets,'' CEO Yang Yuanqing said in a telephone conference yesterday. ''We will seize these growth opportunities and continue to grow faster than the market.''

  The results also cemented Beijing-based Lenovo's No. 2 spot in the global PC market and helped it to challenge market leader HP. By the end of second quarter, Lenovo had 15 percent market share, close to HP's 15.7 percent, said US-based research firm International Data Corp.

  Lenovo has acquired assets overseas, including IBM's Thinkpad business, in its drive to be the world's No. 1 PC player

  The mobile Internet business boosted Lenovo's result. In China it sold nearly 7 million mobile phones, beating PC sales for the first time in the country in the quarter, according to Yang.

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