Lenovo Group, China's biggest personal computer maker, said today that it swung back to profit on a rebound in global demand, while it also broke into double-digit market share for the first time.
The company earned $54.86m in its fiscal first quarter ended June 30, compared with a loss of $16.01m the same time last year, it said in a statement. That boost translated into earnings of 57 US cents per share compared with a loss of 18 cents per share last year.
Lenovo's sales rose almost 50% to $5.15 billion in the three month period, up from $3.44 billion last year, it said.
'During the quarter, the worldwide PC market continued to extend the strong growth momentum started in the second half of last fiscal year to grow at 20.9% year-on-year,' Lenovo said.
'This growth came despite rising worries over sovereign debt in Europe and the pace of economic recovery,' it added.
Lenovo, which bought International Business Machines' personal computer business in 2005, is the world's fourth-biggest PC maker by shipments behind Hewlett-Packard, Dell and Acer.
