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PC maker Lenovo says profit up 13 percent

Associated Press Modified: November 8, 2012 at 12:15 am •  Published: November 8, 2012

BEIJING (AP) — Personal computer maker Lenovo Group said Thursday its quarterly profit rose 13 percent as mobile and cloud-based businesses expanded.

The company earned $162 million, or 1.6 cents per share, in the three months ended Sept. 30. Global revenues rose 11 percent to $8.7 billion.

Lenovo is vying with Hewlett-Packard Co. to become the world's biggest personal computer maker but faces a market in which the fastest demand growth is for mobile devices. Research firm Gartner said last month Lenovo outsold HP in the latest quarter but IDC still had HP on top.

Lenovo said sales at its 2-year-old mobile Internet group rose 155 percent to $718 million.

"Our global PC market share reached another historic high, moving us closer to our dream of becoming the worldwide PC leader," said chairman Yang Yuanqing in a statement. He said emerging markets outside China have reached "the profitable growth stage," improving the prospects for future earnings.

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