Lenovo Net Profit Rises 65%
August 17 2016 - 9:30PM
Dow Jones News
BEIJING—Lenovo Group Ltd. said Thursday its net profit for the
quarter ended June 30 rose 64% on cost savings, despite a fall in
revenue.
Lenovo said its fiscal first-quarter net profit rose to $173
million from $105 million a year earlier. Analysts had expected a
net profit of $133.4 million, according to the average forecast of
13 analysts polled by Thomson One Analytics.
Its revenue fell to $10.1 billion in the quarter from $10.7
billion the previous year. This came in higher than a forecast of
$9.7 billion from 17 analysts by Thomson One Analytics.
Lenovo announced a $650 million cost-cutting program a year ago
as it integrated its acquisitions of the Motorola smartphone
business and an IBM server unit. It faces a challenging outlook as
the global market for personal computers continues to shrink and as
growth in the China smartphone market slows.
Write to Eva Dou at eva.dou@wsj.com
(END) Dow Jones Newswires
August 17, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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