World's biggest PC maker Lenovo reports record profit

Wednesday 21 May 2014 11.50
Lenovo earned $817m in net profit for the 12 months to March
Lenovo earned $817m in net profit for the 12 months to March

Lenovo, the world's biggest personal computer maker, has reported a 29% jump in full-year earnings.

It also extended its position as market leader in the PC industry.

Lenovo earned a record $817m in net profit for the 12 months to March.

It said it sold 55 million PCs during the year, extending its global market share to 17.7%, when the overall industry saw an 8% fall in PC sales.

Lenovo also sold 50 million smartphones and 9.2 million tablets.

Its chairman and chief executive Yuanqing Yang said in a statement: "The record sales and profits that we delivered last year prove that Lenovo can grow and deliver its commitments, no matter the market conditions."

Lenovo also posted a record full year revenue of $38.7bn, 14% higher than the year before.

At the start of 2014, Lenovo agreed to buy Motorola Mobility from Google for $2.91bn.