Great year for China's Lenovo: 29 percent jump in full profits
By Catholic Online (NEWS CONSORTIUM)
5/21/2014 (3 years ago)
Catholic Online (https://www.catholic.org)
China's Lenovo reported a 29 percent jump in full-year earnings. The news extends Lenovo's position as market leader in the PC industry. The company earned a record $817 million in net profits for the 12 months to March.
Lenovo ended its financial year with a strong performance in the fiscal fourth quarter.
LOS ANGELES, CA (Catholic Online) - The company sold 55 million PCs during the year, which extended its global market share to 17.7 percent, when the overall industry saw an 8 percent fall in PC sales. Lenovo also sold 50 million smartphones and 9.2 million tablets.
"The record sales and profits that we delivered last year prove that Lenovo can grow and deliver its commitments, no matter the market conditions," the company's chairman and chief executive Yuanqing Yang said in a statement.
Lenovo also posted a record full year revenue of $38.7 billion, which is a 14 percent jump from the year before.
Lenovo ended its financial year with a strong performance in the fiscal fourth quarter. During the three months to December revenue from Europe, Middle East and Africa markets collectively surpassed revenue earned in its home market, China.
Group revenue in the fourth quarter jumped 14.3 percent to $38.7 billion.
In the same quarter, Lenovo's PC shipments to the Americas surpassed Apple for the first time, pushing Lenovo to the number three spot with a 10.8 percent market share.
Lenovo also outperformed the industry when it comes to smartphones. Shipments grew nearly 60 percent in the three months to December, outpacing the worldwide market by 28 percent.
The latest results mark the fourth quarter in a row that Lenovo sold more tablets and smartphones than PCs, and it comes at a time when the company is making efforts to expand into smartphones to offset a decline in its once staple PC business as more and more consumers are switching to mobile devices.
"Like many other vendors in the industry, Lenovo is faced with the challenge of a PC market that is under heavy assault from smartphones and tablets," Bryan Ma from consultancy IDC Asia Pacific says.
"It's true that Lenovo may be biting off more than it can chew by acquiring so many companies like Motorola Mobility and IBM's server business, but I see these as necessary - if long term - steps in the right direction.
"Motorola also gives Lenovo a much needed go-to-market route for phones into the US and Latin America, all with the protection of Google's patents."
Copyright 2018 - Distributed by THE CALIFORNIA NETWORK
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