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.
Advertisement
Related Stories
- The Hut Group sees 70 per cent growth Feb 10th 2012 at 4:49PM
- CES 2012: Intel enters smartphone arena Jan 11th 2012 at 6:18AM
- CES 2012: Lenovo unveils Android-powered K91 smart TV without Google Jan 9th 2012 at 4:40AM
- Lenovo unveils Ivy Bridge Thinkpad ultrabook Jan 5th 2012 at 5:54AM
- Lenovo's new Cedar Trail not-a-netbook Dec 30th 2011 at 4:57AM
- Micro-P launches financial services Nov 25th 2011 at 1:33PM
- Former Olympus CEO says more revelations to come Nov 9th 2011 at 3:54PM
- AMD achieves strong third quarter results Oct 28th 2011 at 5:00AM
- Lenovo launches new Essential C325 all-in-one Oct 25th 2011 at 12:51AM
Follow Follow this article if you would like to receive notifications of updates.
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!