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Lenovo Q3 net profit +29%; warns that deal will hurt earnings

  • Lenovo's (LNVGY) FQ3 net profit climbed 29% to $265.3M, easily beating consensus of $247.2M.
  • Revenue increased 15% to $10.79B, the first time sales have topped $10B.
  • The company's earnings were lifted by robust sales of PCs and mobile devices in China.
  • The firm sold 17.3M smartphones and tablets, and 15.3M PCs.
  • Laptop sales +11%, desktops +12%.
  • However, Lenovo warned that its acquisitions of Motorola Mobility from Google and of IBM's low-end server unit could hurt profitability in the short term. Still, Lenovo reckons it can turn Motorola around within three-to-five quarters.(PR)
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