Lenovo profit falls less than projected as PC market stabilises

FILE PHOTO: A product of Lenovo is displayed during a news conference on the company's annual results in Hong Kong May 26, 2016. REUTERS/Bobby Yip/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 22 MAY FOR ALL IMAGES

Lenovo Group Ltd’s quarterly profit fell less than expected after the global personal computer market eked out growth for the first time since 2012. 

The world’s second-largest PC maker reported a 41% slide in net income to US$107mil (RM457.35mil) in the three months ended March. That compares with the US$97.9mil (RM418.47mil) average of analysts’ estimates compiled by Bloomberg. Revenue increased 5% to US$9.6bil (RM41.03bil), compared with the US$9.65bil (RM41.24bil) projected.