Lenovo logs weakest quarterly profit growth in more than 2 years
HONG KONG (REUTERS) - Lenovo, on track to become the world's top PC maker, clocked its weakest quarterly profit growth in more than two years as customers increasingly switched to mobile gadgets from PCs for their computing needs.
The Thinkpad maker has had a strong run in the PC era, successfully grabbing market share from rivals such as Dell and Acer. Technology research firm Gartner says it has already overtaken market leader Hewlett Packard in PC shipments and rival research firm IDC ranks it a close second.
But Lenovo now faces challenges in mobile computing business, where it has forayed recently and has to compete with dominant smartphone and tablet PC makers such as Samsung and Apple.
Lenovo reported a net profit of US$162 million (S$198 million) in the Jul-Sep period, compared with US$143.9 million a year earlier and a US$156.3 million consensus forecast from nine analysts on Thomson Reuters.