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Lenovo quarterly sales up 18%, profits rise 23%
2014-08-14 09:09:00| Telecompaper Headlines
(Telecompaper) Lenovo reported revenues for its fiscal first quarter of USD 10.4 billion, up 18 percent year-over-year. Its gross margin came in at 13 percent, and operating profit rose 40 percent to USD 283 million. Net earnings were up 23 percent to USD 214 million. The company grew PC shipments 15 percent to 14.5 million units, again outperforming the industry and strengthening its market share to 19.4 percent. The company claimed third place in the global tablet market, with shipments up 67 percent to 2.3 million units. Lenovo said it also sold more smartphones than PCs for the first time, with record volume of 15.8 million units, up 39 percent. In its home market China, Lenovo became the number one smartphone vendor with 13 million phones sold. Lenovo said it expects the growth to continue, supported by its acquisitions of Motorola Mobility and IBM's x86 server business. Both transactions are expected to close before the end of the year.
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