Lenovo has revealed its quarterly financial results, which sees the vendor take profit for the first time this year.
According to the Financial Times, net profit for the quarter stood at $53 billion, almost double the $24.5 billion that was predicted, however quarterly revenue was down by five per cent due to a continued lack of business IT spending.
The boost has been attributed to Lenovo’s ongoing effort to reduce operating expenditure and efforts by the Chinese government to encourage consumer spending.
“Lenovo expects the market environment to continue to pose challenges for the group during the second half of the fiscal year as commercial demand remains soft,” read a statement from the company.
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