China’s Lenovo Group Ltd, the world’s biggest PC maker, said on Thursday its first-quarter net profit rose 64%, beating estimates as solid PC sales offset tepid smartphone demand. Beijing-based Lenovo said in a filing that net profit grew to $173 million for the quarter ended June from $105 million in the same period a year earlier. That was more than the $130.1 million average of analysts polled by Reuters SmartEstimates. First-quarter revenue dropped 6% to $10.05 billion from a year earlier, compared with an average of $9.63 billion estimated by analysts. Lenovo consolidated its hold on the slowing PC market during the quarter. PC shipments fell 2% year-on-year, compared with a 4% decline in the broader industry.
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