Lenovo Group fourth-quarter profit surges more than three-fold

Lenovo Group fourth-quarter profit surges more than three-fold

Lenovo Group reported a more than three-fold increase in its quarterly profit thanks to strong computer sales.

FILE PHOTO: A Lenovo ultrabook and a tablet are displayed during a news conference in Hong Kong
FILE PHOTO: A Lenovo ultrabook and a tablet are displayed during a news conference in Hong Kong, China May 21, 2015. REUTERS/Bobby Yip/File Photo

HONG KONG: Lenovo Group reported a more than three-fold increase in its quarterly profit thanks to strong computer sales.

Lenovo's profit in the quarter ended March rose to US$118 million, beating an average estimate of US$91.4 million by seven analysts, according to Refinitiv data.

Revenue rose 10 percent to US$11.71 billion, in line with the average estimate of US$11.65 billion by 11 analysts.

For the full year ended March, Lenovo swung to a profit of US$597 million, from a loss of US$189 million a year earlier. Revenue rose to a record US$51 billion.

(Reporting by Sijia Jiang; Editing by Anshuman Daga)

Source: Reuters

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