Lenovo profit rises 34%

Chinese PC manufacturer Lenovo Group (0992.HKG, LHL.FRA, LHL1.FRA) reported a 34% increase in third-quarter profit on higher smartphone sales and widening market share, Bloomberg reported. Lenovo’s net profit increased to US$204.9 million from October through December, from US$153.5 million last year, the company said in a statement on Wednesday. Excluding a US$19.9 million one-off gain, Lenovo’s net income was in line with analyst estimates. Sales rose 12% to US$9.36 billion in the same period, while PC shipments increased 8%, bucking a trend of declining sales among the other three largest global PC suppliers.