Lenovo full-year profit rises 29%; meets estimates
Beijing: Chinese personal computer and smartphone maker Lenovo Group Ltd on Wednesday met analyst estimates by reporting a 28.7 percent rise in full-year net profit, as poor growth in China was propped up by sales in other markets.
Net profit reached $817.2 million for the year ending March, in line with the $819.7 million SmartEstimate of 34 analysts according to Thomson Reuters Eikon. SmartEstimates give greater weighting to estimates of the more accurate analysts.
Revenue rose 14.3 percent to $38.7 billion. Most of the growth came from outside China, still Lenovo`s biggest market but one where revenue only grew 1.3 percent.
Shares of Lenovo ended morning trade 1.9 percent higher ahead of the results, versus a 0.1 percent decline in the benchmark index.