Date
21 September 2018
Lenovo reported a net profit of US$77 million for the three months to June, compared with a loss of US$72.3 million in the same period a year earlier. Photo: Reuters
Lenovo reported a net profit of US$77 million for the three months to June, compared with a loss of US$72.3 million in the same period a year earlier. Photo: Reuters

Lenovo swings to forecast-beating profit

Chinese PC maker Lenovo Group swung to a profit and beat estimates in the three months to June, helped by a sharp jump in revenue.

Net profit came in at US$77 million for the fiscal first quarter, compared with a loss of US$72.3 million in the same period a year earlier, Reuters reported.

That was ahead of an average estimate of US$59.37 billion from six analysts polled by Thomson Reuters I/B/E/S.

Revenue rose 19 percent from a year earlier to US$11.91 billion, compared with an average analyst estimate of US$11.26 billion.

“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 a statement.

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CG

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