After strong Q3, Lenovo says acquisitions to hit short-term performance

Two men walk past a Lenovo billboard in Hong Kong on January 30, 2014. Shares in Chinese technology giant Lenovo slumped more than 8% in Hong Kong after it agreed to buy struggling handset maker Motorola from Google for US$2.91bil - AFP Photo.

BEIJING: China's Lenovo Group Ltd said third-quarter profit jumped nearly a third, beating estimates, as the world's biggest maker of personal computers hoisted sales of smartphones in its drive to diversify out of the shrinking PC market.

Lenovo on Thursday reported net income rose 29% to US$265.3mil for the October-December quarter.