News Summary: Lenovo profit up but growth slows

AP News
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Posted: Aug 16, 2012 1:14 PM
News Summary: Lenovo profit up but growth slows

THE RESULTS: Lenovo Group's quarterly profit rose 30 percent on strong sales in developing markets but growth slowed amid global economic weakness.

BY REGION: PC shipments in the Asia-Pacific region and Latin America rose 59.2 percent while those to Europe, the Middle East and Africa were up 62.3 percent. Lenovo sold 5 million smartphones in China in the quarter, passing PC sales by number of units for the first time.

THE BIG PICTURE: The company passed Dell Inc. last year as the second-biggest PC maker and says it has narrowed the global market share gap with industry leader Hewlett-Packard Co.