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Lenovo says quarterly profit up 90 percent

Thu, 05/23/2013 - 2:14am
The Associated Press

Computer maker Lenovo Group says its latest quarterly profit rose 90 percent as sales of smartphones and mobile computing technology expanded.

Lenovo Group said Thursday it earned $127 million, or 1.22 cents per share, in the three months ending March 31. Revenue rose 4 percent over a year earlier to $7.8 billion.

Lenovo ranks a close second behind Hewlett-Packard Co. as the biggest maker of personal computer makers but growth in that market has slowed as consumers shift to mobile Web surfing on smartphones and tablets.

Lenovo said sales of desktop and laptop PCs both declined 2 percent but still made up a combined 83 percent of its business. Sales of smartphones and other mobile Internet and "digital home" products rose 74 percent.

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