Lenovo first quarter net profit climbs 23 percent as smartphone sales surge

Reuters News
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Posted: Aug 13, 2014 8:22 PM

BEIJING (Reuters) - Lenovo Group, the world's biggest maker of personal computers, said net income jumped 23 percent in the first fiscal quarter, beating estimates, as its PC sales stabilized while smartphone shipments soared.

Net income attributable to shareholders rose to $214 million in the three months through June from $174 million in the same period a year earlier. That was ahead of estimates of $202 million, according to a Thomson Reuters SmartEstimate poll of analysts.

Revenue for the first quarter rose 18 percent to $10.4 billion, with gains coming in Europe, the Middle East and Africa and the Americas, Lenovo said.

(Reporting by Gerry Shih; Editing by Kenneth Maxwell)