Premium PC business boosts Lenovo’s quarterly profit

HONG KONG: Chinese PC maker Lenovo Group reported a 21 per cent rise in second-quarter net profit, beating expectations, thanks to more premium computers it sold during the period.
Net profit for the quarter ended September came in at $168 million, versus $139 million a year earlier and an average estimate of $118 million from 9 analysts, according to Refinitiv data. Revenue rose 14 per cent to $13.38 billion, the highest quarterly revenue in almost four years, helped by an improvement in product mix toward more commercial PCs — a more lucrative category than consumer PCs.
“The Group remains confident in its core PC business, and aims to grow at a premium to the market in revenue without compromising profitability,” Chairman and CEO Yang Yuanqing said in a filing to the Hong Kong Stock Exchange.
“Lenovo will leverage industry consolidation opportunities, and drive growth in high-growth segments such as gaming PCs, Thin & Light, Visuals, and workstations,” Yang said.
Lenovo, which lost the world’s largest PC maker crown to HP Inc in 2017, said it had returned to the top spot with a 23.7 per cent market share, according to industry tracker IDC. — Reuters