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Lenovo's quarterly profits jump

Lenovo's quarterly revenues rise by 4%
Lenovo's quarterly revenues rise by 4%

Chinese computer maker Lenovo Group said its latest quarterly profit rose 90% as sales of smartphones and mobile computing technology expanded.

Lenovo Group said today that it earned $127m, or 1.22 cents per share, in the three months to the end of March 31.

Revenue rose 4% over a year earlier to $7.8 billion.

Lenovo ranks a close second behind Hewlett-Packard as the biggest maker of personal computer makers but growth in that market has slowed as consumers shift to mobile Web surfing on smartphones and tablets.

The company said sales of desktop and laptop PCs both declined 2% but still made up a combined 83% of its business. Sales of smartphones and other mobile Internet and "digital home" products rose 74%.