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November 9, 2012

Lenovo Q2 profit up 13%, overtakes HP in PC shipments

The company's laptop PC shipments in the quarter were up 11.3% globally

By CBR Staff Writer

Chinese PC maker Lenovo has reported a 13% increase in net income to $162m for the fiscal second quarter of 2012 as the company expanded its market share to overtake HP in personal computer (PC) shipments.

For the fiscal second quarter of 2012, sales rose 11% to $8.67bn, compared to $7.79bn for the same period in the corresponding year.

Lenovo China’s sales increased 20% to $3.9bn for the quarter accounting for 44% of the company’s worldwide sales.

The company claimed that it became the world’s largest supplier of laptop PCs as its shipments in the quarter were up 11.3% globally.

PC shipments in China grew 8% in the quarter and in the Asia Pacific/Latin America region PC shipments increased by 5%.

PC shipments in North America increased by 8% in the quarter and in Europe Middle East/Africa PC shipments grew by 27%.

Lenovo Chairman and CEO Yang Yuanqing said: "With four years’ effort, our Consumer PC business has become the world’s number one in this segment for the first time."

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"Our smartphone business in China, which we started only two years ago, has again strengthened its number two position," Yuanqing said.

According to Gartner, Lenovo accounted for 15.7% of the overall PC market, overtaking HP’s 15.5% share.

Across Western Europe, Lenovo saw shipments increase, registering 1.265 million shipments this quarter compared to 1.174 million a year ago.

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