Lenovo swings to forecast-beating first quarter profit
Net profit came in at $77 million for the three months ended in June
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.
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.
Pakistan moves to tax US tech giants including Google, Facebook
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.
Android software puts Google at heart of mobile life
“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.