Lenovo Q1 profit more than doubles to beat expectations, shares jump

SHANGHAI :China's Lenovo Group Ltd, the world's biggest maker of personal computers, on Wednesday posted a better-than-expected jump in first-quarter profit as COVID-19 curbs continued to spur work-from-home demand.

Profit for the quarter ended June 30 rose 119per cent to US$466 million, versus US$213 million in the same quarter last year, and above an average estimate of US$345.23 million from six analysts, according to Refinitiv data. Lenovo said a recovery in IT spending was fuelling demand and supporting higher average selling prices of its products, and it expected the total personal computer market would continue to grow over the next five years.

Analysts say pandemic-driven consumer demand for PCs is starting to slow, but shortages of components like chips, driven by stronger-than-expected global demand for PCs, tablets, and electronic cars, remain an industry concern.

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Lenovo Q1 profit more than doubles to beat expectations, shares jumpSHANGHAI :China's Lenovo Group Ltd, the world's biggest maker of personal computers, on Wednesday posted a better-than-expected jump in first-quarter profit as COVID-19 curbs continued to spur work-from-home demand. Shares in the company rose by as much as 9.7per cent after its results, and were on course for
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Lenovo Q1 profit more than doubles to beat expectations, shares jumpSHANGHAI :China's Lenovo Group Ltd, the world's biggest maker of personal computers, on Wednesday posted a better-than-expected jump in first-quarter profit as COVID-19 curbs continued to spur work-from-home demand. Shares in the company rose by as much as 9.7per cent after its results, and were on course for
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »