By Serkan Toto
Lenovo (OTCPK:LNVGY) reported results for the first quarter of the fiscal year today, and in a nutshell, things are looking pretty good for the Chinese powerhouse. Quarterly sales soared 15% year-on-year to $5.9 billion, while net income even ballooned from $54.9 to $108.8 million in the same time frame.
Lenovo says that it grew faster than any other PC maker in the global top 5 (Dell, ASUS, HP, Acer) for the seventh quarter in a row, having shipped 23.1% more PCs worldwide than in the first quarter of last year. The company was especially successful in China, Latin America, India, ASEAN, but also reports historic high market shares in North America (7%) and Western Europe (5.9%).
According to IDC, Lenovo currently controls 12.2% of the market for computers, making it the third largest vendor globally (behind HP and Dell).
In recent months, Lenovo made headlines in the business world by acquiring Germany-based PC maker Medion (the deal instantly made Lenovo the No. 2 computer vendor in that country) and forming an alliance with NEC in Japan.