Lenovo's third quarter profit up 23%

Lenovo Group, the world's third-largest personal computer maker, announced third quarter profits of US$57.7 million, a 23% increase over last year's results, the Wall Street Journal reported. Revenues for the quarter, which ended December 31, were US$4 billion. Analysts attributed the results to significant job cuts last year, part of Lenovo's US$100 million restructuring announced last March. The company moved to eliminate 1,000 positions and save US$250 million a year. The firm still faces problems outside China. Shipments to the Americas fell 4% compared to last year's figure, and its Americas president quit on January 25.