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Lenovo's quarterly profit records 31% jump as WFH takes centre stage

Lenovo's quarterly profit records 31% jump as WFH takes centre stage

Lenovo reported a 31% jump in net profit for its first quarter ended June to $213 million, beating an average $107.48 million estimate of five analysts

China's Lenovo Group, the world's biggest PC maker, posted a better than expected quarterly profit on Thursday and said it is capturing opportunities emerging from remote working and education.

Lenovo reported a 31% jump in net profit for its first quarter ended June to $213 million, beating an average $107.48 million estimate of five analysts, according to Refinitiv data.

Revenue increased 7% to $13.3 billion.

"The PC market significantly outperformed the industry forecast of a market decline," Lenovo said in a statement.

"Looking to the future, the company expects this strong PC demand will be a long-term trend."

Also read: Apple supplier Foxconn posts $778.5 million profit in Q2

Published on: Aug 13, 2020, 11:41 AM IST
Posted by: intern five, Aug 13, 2020, 11:41 AM IST