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992 - Lenovo News Story

HK$4.71 0.0  0.9%

Last Trade - 9:08am

Sector
Technology
Size
Large Cap
Market Cap £5.53bn
Enterprise Value £7.83bn
Revenue £38.74bn
Position in Universe 230th / 5990

UPDATE 1-China's Lenovo posts 64% slump in quarterly profit, but tops estimates

Wed 20th May, 2020 1:58am
(Adds company comments, context and background)
    HONG KONG, May 20 (Reuters) - China's Lenovo Group
 0992.HK , the world's biggest maker of personal computers
(PCs), posted a better-than-expected quarterly profit on
Wednesday and said it could benefit from the "new normal" of
working from home.
    "This trend is not only leading to a growth in PCs and smart
devices, but also in the supporting data centers and
infrastructure to power faster networks and digital
consumption," said Lenovo in a statement.
    Lenovo reported a 64% slump in net profit for its fourth
quarter, ended March 31, to $43 million due to disruption caused
by the coronavirus crisis, beating an average estimate of $7.49
million by seven analysts, according to Refinitiv data. The
Chinese company had reported a net profit of $118 million in the
year-ago period.
    Lenovo's fourth-quarter revenue dropped 9.7% to $10.6
billion from a year earlier.
    Worldwide shipments of personal computers declined 12.3% in
the first quarter of 2020, the sharpest fall since 2013 due to
the pandemic, research firm Gartner said last month.
    Lenovo took a 24.4% market share in PCs during the quarter,
ahead of rivals HP Inc  HPQ.N  and Dell Inc  DELL.N , it said.  
  
    

 (Reporting by Pei Li; Editing by Muralikumar Anantharaman and
Sherry Jacob-Phillips)
 ((Pei.Li@thomsonreuters.com; +852 64325868;))
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