Lenovo reports profit as PC market contracts

Lenovo Group (0992.HKG) reported a 90% gain in fiscal fourth-quarter profit thanks to increased smartphone sales and a larger PC market share, Bloomberg reported. The computer maker’s net income rose to US$126.9 million during the first three months of the year compared to US$66.8 million from the same period last year. The company’s revenue rose 4.5% to US$7.83 million, which is less than the US$7.98 million average of analyst estimates compiled by Bloomberg.  While industry analysts report global PC shipments have dropped 13.9%, Lenovo maintains that its share of shipments has expanded.