Lenovo is planning to foray into US smartphone market within a year, as part of its attempts to repeat the success of its PC business.
Lenovo CEO Yang Yuanqing was cited by the Wall Street Journal as saying that smartphones are the firm’s new opportunity and the firm is serious about the market, as it is seen as a potential source of long-term growth.
"As a public company you always have to consider how to grow," Yuanqing said.
Lenovo has been a late entrant in the handset market, while is already claimed to be the second-largest smartphone vendor in China with 11% share in the China’s smartphone market in 2012, following Samsung Electronics.
Since 2012, Lenovo has expanded its smartphone business outside China, beginning with emerging markets including India, Russia and Indonesia, with its markets include the US and Europe.
Reports reveal that Lenovo is also aiming to become the top smartphone vendor in China within two years.
The Chinese firm reported 20% rise in its gross profit during the fourth quarter of 2013 that ended on 31 March to $963m, while its revenues for the quarter reached $7.8bn, up 4%, over corresponding quarter in 2012.
