Lenovo profit falls short of expectations

Lenovo recorded fiscal third-quarter profit of US$47 million, missing investor expectations after the company slashed prices to meet sales goals, reported the Wall Street Journal. Most profit came from China, though the country represents a third of its revenue. Lenovo's China operation does a better job of sales through its distributors and retailers than IBM did, said Lenovo's new CEO Bill Amelio. "If we're able to get our expenses in line and grow the top line again, we have a lever that others don't have in the industry where we are making efforts to innovate our products," he said.