The world's largest personal computer maker Lenovo Group said its third-quarter revenue fell 8% to $12.9 billion due to slower global PC demand and weaker smartphone sales. 

The company said net profit reached $300m, up from $253m the same time last year. 

The results compared with the average $13.21 billion revenue and $237.7m net profit estimates of analysts polled by Thomson Reuters. 

Beijing-based Lenovo continued to consolidate its hold on the slowing PC market. 

Its PC shipments fell 4.2% during the quarter versus 8.3% in the broader industry, with growth strong in North America, according to market researcher Gartner. 

Lenovo in 2014 made two multi-billion-dollar acquisitions to diversify away from the shrinking PC market. It bought Alphabet's Motorola handset unit and IBM's low-end server business.