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PC maker Lenovo returns to third quarter profit, beats estimates
Lenovo Group Ltd said on Thursday it swung back to a net profit in the December quarter, beating market expectations, due to a strong performance across its major business groups.
Profit for the quarter was $233 million, versus a loss of $289 million in the same period a year earlier when the world`s largest personal computer (PC) maker by shipments took a one-off hit following U.S. tax reform.
The result was ahead of the $207 million average of 10 analyst estimates compiled by Refinitiv.
Revenue rose 8.5 percent to $14.04 billion on a strong performance in its PC and Smart Device business and its Data Centre business, just beating the $13.95 billion analyst view.
Its Mobile Business Group also recorded a pre-tax profit for the first time since it bought Motorola in 2014 for $2.9 billion, having struggled to integrate the assets.
Lenovo said revenue for its PC and Smart Device Business rose 12 percent in the three months period.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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