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Lenovo Q1 Profit Up 23%

Chinese PC maker Lenovo Group Ltd. reported net income for the first quarter of US$214 million or US$2.03 per share, compared to US$174 million or US$1.65 per share for the year-ago quarter.

Operating profit for the quarter increased 40% to US$283 million from US$202 million a year ago.

Revenue for the first quarter rose 18% to US$10.4 billion from US$8.79 billion in the same quarter last year.

"This has been a quarter of milestones for Lenovo - record PC share, a number three ranking in worldwide tablets for the first time, and an even stronger number four global smartphone position," said Yuanqing Yang, Chairman and CEO of Lenovo. "As the PC industry recovers, the smartphone market continues its shift from premium to mainstream, and our acquisitions of Motorola Mobility and IBM x86 proceed toward completion, we see even more opportunity to keep growing rapidly. Lenovo continues to outperform the market and meet our commitments to improve profitability in our core businesses, while building strong pillars for future growth across our entire portfolio."

by RTT Staff Writer

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