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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

Still, profit growth was lower than the previous quarter's 30 percent, reflecting cooling demand for PCs as customer interest shifts to tablets, smartphones and other wireless devices.

PC shipments in Lenovo's home China market grew by 8 percent over a year earlier, down from the previous quarter's 59 percent. Sales in North America grew 7 percent to $1.2 billion in a market in which Lenovo said overall sales contracted by 12 percent.

Lenovo released a new version of its ThinkPad notebook computer, the X1 Carbon, in August that it said was lighter and quicker to appeal to customers who want the convenience of a tablet. Lenovo acquired the ThinkPad brand with IBM Corp.'s personal computer unit in 2005.

Lenovo said its acquisitions during the latest quarter included Stoneware, an Indiana software company focused on cloud computing.