Lenovo Q2 net profit climbs 19% as PC market share grows

BEATING ESTIMATES: Lenovo says its PC market share grew even as the broader market shrunk, posting an impressive gain of 19% in net income.

BEIJING: Lenovo Group Ltd, the world's biggest maker of personal computers (PCs), said net income jumped 19% in the second fiscal quarter, beating estimates, as it tightened its hold over global PC sales even as the broader market shrunk. 

The company also announced a dividend payment of HK$0.06 (3sen) per share to stockholders. 

The Beijing-based company reported US$262mil (RM874.77mil) in net income, exceeding the US$260mil (RM868.1mil) expected by analysts, according to Thomson Reuters SmartEstimates. Revenue for the three-month period rose 7% to US$10.5bil (RM35.04bil). 

Lenovo is now ramping up its assault on new product markets after closing in recent weeks two multi-billion-dollar acquisitions for IBM's low-end server business and Google Inc's Motorola handset unit. 

The company additionally named Jerry Yang, the Yahoo! Inc co-founder, to its board of directors. Yang, who is also an Alibaba Group Holding Ltd director, formerly served as a Lenovo board observer. 

Shares of Lenovo were flat at the midday close before the earnings announcement, compared with a 0.1% decline in the benchmark Hang Seng index. — Reuters

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