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Nov. 12, 2015, 11:39 AM
- Lenovo (OTCPK:LNVGY) rose 5.8% in Hong Kong after reporting FQ2 revenue of $12.2B, up 16% Y/Y (23% exc. forex) thanks to the Motorola Mobility acquisition (closed in Oct. 2014) and beating an $11.8B consensus. Shares were down 29% YTD going into earnings.
- The company officially posted a $714M net loss (slightly below an $803M consensus), but had pre-tax income of $166M after backing out $599M in restructuring costs, a $324M smartphone inventory charge, and $85M in various non-cash charges.
- A weak PC market led PC division sales to drop 5% Y/Y to $8.1B, with division op. income falling 17% to $406M. Enterprise sales rose 5.5x to $1.2B thanks to the acquisition of IBM's x86 server unit, which contributed $900M.
- Mobile sales rose 104% to $2.7B thanks to the Motorola deal. Motorola had revenue of $1.4B, down from $1.69B a year ago as part of Google. The entire mobile division had an op. loss of $217M. Thanks in part to Motorola, 70% of FQ1/FQ2 shipments came from outside of China, up from 19% a year earlier.
- Chinese sales totaled $3.3B (now just 28% of total revenue), Asia-Pac $2B, EMEA $3.2B, and the Americas (significantly boosted by M&A) $3.7B. Chinese mobile sales were pressured by "hyper competition, carrier subsidy cuts and continued shift to the online model." India (revenue +99% Y/Y) was a strong point. "Our first priority is to grow in the rest of the emerging markets," says CEO Yang Yuanqing.
May 21, 2014, 2:59 AM
- Lenovo's (LNVGF) FY net profit leapt 29% to $817M and met forecasts, while revenue climbed 14% to $38.71B.
- Personal computer shipments grew 5% to 55M units despite the broader market contracting.
- Lenovo's smartphone shipments surged 72% to over 50M units, "driven by the strong growth in China and emerging markets."
- Revenue at Lenovo's mobile Internet and digital-home business - which develops the company's smartphones - soared 86.1% to $5.7B.
- However, Lenovo's Chinese sales rose just 1.3% to $14.7B and accounted for 38% of the company's overall revenues. Operating profit was $788M out of a total of $1.05B. Lenovo's operating margin in the country increased 0.9 of a percentage point to 5.4%.
- EMEA sales +27.1%, Americas +31.1%.
- Q4 net profit grew 25% to $158.3M but missed consensus of $163.6M. Sales increased to $9.4B from $7.83B and topped forecasts of $9B.
Feb. 13, 2014, 4:02 AM
- 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)
Nov. 7, 2013, 3:24 AM
- Lenovo's (LNVGF) FQ2 net profit rose 36% to $219.7M and exceeded analyst expectations of $201M, lifted by higher margins in China and increased sales of smartphones.
- Revenue climbed 13% to $9.77B and beat consensus of $9.41B.
- Lenovo's Chinese margins grew to 6.8% in fiscal H1 from 6.1% a year earlier, due to higher average selling prices and cost controls. However, margins dropped in the Americas region.
- Lenovo's FQ2 world-wide PC shipments edged up 2% vs a sector-wide decline of 7.6%.
- Smartphone shipments surged over 78% to 12.3M units.
- Lenovo intends to seek acquisitions to help its expansion. (PR)
May 23, 2013, 5:18 AM
Lenovo (HKSE: 992) (ADR: LNVGY) is dedicated to building exceptionally engineered personal computers. Lenovo's business model is built on innovation, operational efficiency and customer satisfaction as well as a focus on investment in emerging markets. Formed by Lenovo Group's acquisition of the... More
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