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Thursday, August 15, 2013
Smartphone Sales Push Lenovo's First-quarter Profit

Lenovo Group today reported results for its first fiscal quarter ended June 30, 2013, with quarterly revenue of US$8.8 billion, a ten percent increase year-over-year.

At the same time, Lenovo's first quarter pre-tax income increased 16 percent year-over-year to US$215 million, while earnings grew 23 percent year-over-year to US$174 million, highlighting the company's continued focus on leading in the PC Plus era, while growing its business profitably across all geographies and product lines.

For the first time ever, Lenovo was named the world's largest PC vendor, and in so doing, recorded its highest-ever quarterly market share of 16.7 percent up 1.7 points year-over-year. Lenovo's PC shipments for the first fiscal quarter were 12.6 million units, the 17th quarter in a row that Lenovo outperformed the industry as a whole, which was down 11 percent year-over-year.

"In a tough PC market, Lenovo became the clear #1 for the first time and continues to improve profitability. Our strong performance in PC is fueled by balanced growth, through our consistent execution of the right strategy," Yang Yuanqing, chairman and CEO, Lenovo. "While driving profitable growth in our core PC business, we are rapidly transforming our company into a PC Plus company. The PC Plus market requires fast, efficient innovation as it moves quickly from premium products to mainstream ones and from mature market domination to emerging market hyper growth. This kind of market plays to Lenovo?s proven strengths. Lenovo is now better positioned than our competition to take advantage of these clear trends."

With the traditional PC sector on the decline, Lenovo has accelerated its foray into mobile devices, rapidly rising to become the No. 2 smartphone vendor in China, the world's largest smartphone market. It is also expanding into other emerging economies and has said it will start selling phones in the United States, perhaps this year.

Lenovo overtook ZTE as the world's No. 4 smartphone maker in April-June with market share of 4.7 percent, behind Samsung, Apple Inc and LG Electronics, according to research firm IDC.

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