Lenovo swings to forecast-beating first quarter profit

Published: August 16, 2018
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The Lenovo logo is seen in this illustration photo January 22, 2018.
PHOTO: REUTERS

The Lenovo logo is seen in this illustration photo January 22, 2018. PHOTO: REUTERS

HONG KONG: Chinese PC maker Lenovo swung to a profit and beat estimates in the first quarter on Thursday, helped by a sharp jump in revenue.

Net profit came in at $77 million for the three months ended in June, compared with a loss of $72.3 million in the same period a year earlier when it was hit by higher costs amid a shortage of components.

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That was ahead of an average estimate of $59.37 million from six analysts polled by Reuters.

Revenue rose 19 per cent from a year earlier to $11.91 billion, its second straight quarter of double-digit revenue growth.

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“The group remains confident in its core PC business, and aims to grow at a premium to the market in revenue without compromising on profitability,” Chairman Yang Yuanqing said in the statement.

Lenovo’s shares gained 3.4 per cent in early trade on Thursday.

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