Lenovo maintains its No.3 ranking in smart devices

(MENAFN- Arab News) Announcing its first fiscal quarter ended June 30 Lenovo Group stated that it has posted quarterly revenue of $10.4 billion an 18 percent increase year-over-year while quarter pretax income increased 22 percent year-over-year to $264 million. Earnings grew 23 percent year-over-year to $214 million while the company hit market share and financial performance milestones.

Lenovo maintained its No. 3 ranking in smart connected devices growing shipments by 28 percent year-over-year. It has been the 'world's largest PC maker for five consecutive quarters' with its highest-ever quarterly market share of 19.4 percent up 2.7 points year-over-year driven by big share gains in EMEA and the Americas.

Lenovo's PC shipments for the first fiscal quarter were up 15 percent to 14.5 million units the 21st quarter in a row that Lenovo outperformed the industry as a whole. In tablets Lenovo became the 3rd largest vendor with 2.3 million devices shipped a growth of 67 percent or nearly 8 times the pace of this market.

In smartphones Lenovo sold more smartphones than PCs for the first time ever with record volume of 15.8 million units up 39 percent. Despite fierce competition in China Lenovo became the number one smartphone vendor in this country with 13 million phones sold.

The company's gross profit for the first fiscal quarter increased 13 percent year-over-year to $1.3 billion with gross margin at 13 percent. Operating profit for the quarter grew 40 percent year-over year to $283 million. Basic earnings per share for the first fiscal quarter were $2.06 cents or 15.97 HK cents. Net cash reserves as of June 30 totaled $3.58 billion.

'This has been a quarter of milestones for Lenovo record PC share a number three ranking in worldwide tablets for the first time and an even stronger number four global smartphone position' said Yuanqing Yang chairman and CEO of Lenovo.