Lenovo will drop the IBM brand name from its products before the official 2010 cutoff date, the Wall Street Journal reported. In what is being seen as a sign that the Chinese PC maker is ready to stand on its own, the IBM logo will not appear on new products and the IBM ThinkPads it inherited will be rebranded Lenovo ThinkPads. Lenovo's results for the July-September period suggest that the company has turned a corner following its acquisition of IMB's PC division in 2005. Net profit came in at US$105.3 million, up from US$37.9 million a year earlier, while revenues hit US$4.43 billion compared to US$3.70 billion a year ago. Lenovo reported that its global PC shipments rose 23% year-on-year in the second quarter, beating the industry average growth of 15.7%. Gross margins came to 15.1% from 13% a year earlier. Shipments of notebook computers were up 42% year-on-year.