Lenovo returns to profit as PC market stabilises

AFP, HONG KONG: Chinese technology giant Lenovo yesterday said its net profit for the fiscal year was back in the black, helped by stabilisation in its core personal computer market.
The Beijing-based company, which has traditionally manufactured computers but has been trying to broaden its smartphone business, said it had weathered "challenging global markets" as it executed a transformation plan.
The firm reported a net profit of $535 million for the year ending March 31 compared to the previous year's $128 million net loss.
But revenue for the group slipped 4 percent to $43.04 billion with PC shipments edging down.
It saw a year-on-year 1 percent fall in global PC shipments at 55.7 million units, against a 3 percent decline in the overall market.
Lenovo narrowly lost out to Hewlett Packard for the top position in global PCs in the past fiscal quarter, Bloomberg News reported.

Lenovo returns to profit as PC market stabilises

AFP, HONG KONG: Chinese technology giant Lenovo yesterday said its net profit for the fiscal year was back in the black, helped by stabilisation in its core personal computer market. The Beijing-based company, which has traditionally manufactured computers but has been trying to broaden its smartphone business, said it had weathered challenging global markets as it executed a transformation plan. The firm reported a net profit of $535 million for the year ending March 31 compared to the previous years $128 million net loss. But revenue for the group slipped 4 percent to $43.04 billion with PC shipments edging down. It saw a year-on-year 1 percent fall in global PC shipments at 55.7 million units, against a 3 percent decline in the overall market. Lenovo narrowly lost out to Hewlett Packard for the top position in global PCs in the past fiscal quarter, Bloomberg News reported.