Lenovo said today that revenues were up 10 per cent during its fiscal first quarter, boosted by strong notebook sales and an expanding market in China.
The Beijing-based firm, which is the world's fourth biggest computer maker, reported net income of $110m for the quarter that ended June 30, up from $66.8m a year earlier. Revenues were $4.2bn, up from $3.9bn a year ago.
“Despite a softening global economy, we delivered solid gains in worldwide sales, PC shipments and profits, achieving our seventh consecutive quarter of profitable growth with positive operating results in our international business,” said Chairman Yang Yuanqing in a statement.
The notebook market continues to be Lenovo's biggest money maker. Notebook revenues grew 17 per cent to $2.4bn, contributing 57 per cent of total sales during the quarter.
Desktop sales increased only 3 per cent year-over-year to $1.7bn.
Lenovo continues to lead China's computer market with $1.7bn in sales during the quarter, up 22 per cent from last year. The Americas accounted for $1.1bn of sales. Europe, Middle East and Africa contributed $904m. Asia Pacific sales (excluding Greater China) totaled $497m.
The company told investors during its quarterly conference call that it believes joining as a worldwide partner for the Beijing Olympics will help better establish a world recognized brand.
"The global spotlight is shining on Lenovo, our products and our people," said CEO William Amelio.
According to IDC, Lenovo's share of global PC shipments fell slightly to 7.9 per cent of the total market during the quarter from 8 per cent a year earlier. ®