Lenovo beats Q1 profit expectations

Chinese technology firm Lenovo’s (0992.HKG) first-quarter profits surpassed analyst estimates by making gains on smartphones, tablet computers and PCs, Bloomberg reported. Net income climbed 23% to US$174 million in the three-month period, exceeding the US$167 million average estimate from analysts. Lenovo, known primarily as a desktop computer maker, has successfully carved out market share for its mobile devices. Despite a global slump in PC demand, Lenovo also posted the narrowest decline in shipments among the top five vendors last quarter, thereby supplanting Hewlett-Packard (HPQ.NYSE) as the world’s largest PC maker.