Smartphones key in Lenovo’s Q2 profit surge
China-based firm posts second-highest quarterly earnings ever
Lenovo Group’s second-quarter earnings beat analysts’ projections to leap 23%, in its second-largest quarterly posting ever, according to Reuters.
The China-based electronics manufacturer recorded $174m in net profit, surpassing an aggregate forecast of $166m.
Analysts considered mobile devices to be key in the earnings bump, as Lenovo starts to gain ground in tablets and smartphones.
In June, the company launched six smartphones in the UAE market at once, covering a range of price points. It took the world number-four ranking from compatriot ZTE Corp in Q2, gaining on Samsung Electronics, Apple and LG Electronics. In its home market, which is the world’s second largest for smartphones, Lenovo has quickly become the number-two vendor for handsets.
Earlier this year, Lenovo also dislodged Hewlett-Packard from the number-one spot in the shrinking global PC market and has been mentioned this week as a possible bidder for BlackBerry if the beleaguered Canadian smartphone maker opts to sell itself.