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Wednesday, May 21, 2014
Lenovo Profit Rises

Lenovo Group saw net profit grow 29 percent for the business year ended March, as strong smartphone sales helped shore up weak growth in China.

Lenovo Group reported a record full-year revenue of US$38.7 billion, an increase of 14 percent year-over-year, a record full-year pre-tax income of US$1.01 billion, up 27 percent year-over-year and record full year earnings of US$817 million, up 29 percent.

Lenovo has expanded its number one position in PCs, adding 2.1 points of market share to post a record 17.7 percent total share for the full-year, representing five percent year-over-year growth, compared to an overall industry decline of 8 percent during this same period.

Even while China's PC market slowed, Lenovo's operating profit in China PC improved by 1 percentage point. Asia Pacific had record share of almost 15 percent, while improving profitability. For the first time, Lenovo's EMEA revenue surpassed its China PC revenue in the quarter, while in the US, Lenovo surpassed Apple to take the number three position in PC shipments in the fourth quarter.

When combining Tablets and PCs together to form the "PC + Tablet" category, Lenovo sold a record 64 million devices, up nearly 18 percent year over year, outpacing this market by more than 13 percentage points. Lenovo posted record total device volume of 114 million, up 37 percent year over year. This was the 4th quarter in a row that Lenovo sold more tablets and smartphones than PCs.

"Not only did we strengthen our leading position in PCs, but we gained three points in tablets by quadrupling sales volume and became the fastest growing major smartphone company in the world," said Yuanqing Yang, Lenovo Chairman and CEO.

Consolidated sales for Lenovo's laptop PC business worldwide in the fourth fiscal quarter increased 16 percent year-over-year, accounting for 51 percent of the company's overall sales. During the same period, Lenovo's worldwide laptop PC shipments increased 12.9 percent, against the backdrop of an overall industry decrease of 5.8 percent.

During the fourth fiscal quarter, Lenovo's desktop PC shipment grew 6.8 percent worldwide year-over-year, against an industry decline of 3.1 percent worldwide. Lenovo's desktop PC consolidated sales for the same period increased 14 percent to US$2.7 billion.

Lenovo had solid shipments of smartphones, staying China's number two smartphone maker. During the fourth fiscal quarter, consolidated sales of MIDH rose 71 percent to US$1.3 billion year over year, or 13 percent of the company's overall sales. Lenovo's worldwide smartphone shipments grew 59.4 percent in the fourth quarter, outpacing the worldwide market by 28 percent.

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