Lenovo's Q3 profits climb higher despite flat sales
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(InfoWorld) - Lenovo GroupÂ on Thursday reported a jump in third-quarter profits, even as its turnover during the period remained flat compared to one year ago. Lenovo reported a profit attributable to shareholders of $57.7 million on sales of $4 billion during its fiscal third quarter, which ended on Dec. 31, 2006. That's a 23 percent increase in profits compared to the same period during the previous fiscal year, whenÂ Lenovo reported a profitÂ of $46.8 million on sales of $4 billion, the company said in a filing with the Hong Kong stock exchange. On a sequential basis, the results show good news for Lenovo. The company saw its profit fall by 53 percent during the first half of its fiscal year -- from $91.2 million to $43.1 million -- compared to the year-ago period. Lenovo's PC shipments during the quarter increased 8 percent over the previous year, outpacing the industry average, which the company pegged at 7 percent, the filing said. As usual,Â China was a strong marketÂ for Lenovo, with PC shipments up 19 percent. The company also saw shipments rise by 3 percent in Europe, the Middle East and Africa. But Lenovo's PC shipments slipped 4 percent in North and South America due to weaker demand from large companies. Shipments fell by 1 percent in the Asia-Pacific region, excluding China, Hong Kong and Taiwan. Around 52 percent of Lenovo's revenue came from notebook PCs, as unit shipments rose 20 percent over the previous year, Lenovo said in a press statement. Desktop shipments rose 2 percent, contributing 43 percent of the company's total revenue. The remainder of Lenovo's revenue came from the sale of mobile phones, which contributed 4 percent of revenue. Handset shipments fell by 6 percent compared to the previous year, Lenovo said.
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Lenovo Group Ltd  is set to post a doubling in quarterly earnings on strong demand from Asia, and the outlook benefits from the world's No.4 PC maker being least vulnerable among its rivals to a U.S. slowdown.
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Driven by record sales of server and mobile microprocessors and a bigger slice of the flash memory market, Intel Corp.'s third-quarter profits rose 15 percent even as it struggled with lackluster PC sales, excess inventory and stiff competition.
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The companyâs third-quarter profit beat expectations, lifted by an extra week of holiday shopping and sales of video game consoles and GPS devices.
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LG Electronics Inc., South Korea&#39;s biggest maker of home appliances, said Tuesday its third-quarter net profits rose more than 30 percent on brisk sales of mobile phones.
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Profits rise at BAE Systems after strong US growth, but it does not comment on corruption probes.
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Taiwan's top computer vendor Acer Inc  , battling China's Lenovo for the title of the world's  third-largest PC maker, posted a better-than-expected 58  percent rise in quarterly profit thanks to strong laptop demand  from emerging and mature markets.
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Microsoft posted a rise in quarterly profit Thursday, boosted by healthy demand for personal computers loaded with its Windows operating system and strong sales of its "Halo 3" video game.
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Microsoft  reported a rise in  quarterly profit on Thursday, boosted by strong sales of its  Windows operating system, and the company raised its full-year  profit outlook, sending its shares up 4 percent.
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Consumer electronics retailer Best Buy  Co  reported a better-than-expected 52 percent rise in  third-quarter profit on Tuesday on strong sales of laptops and  video games, and raised its full-year earnings forecast.
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By Mark Lee  Shares of Lenovo Group, the maker of personal computers, rose Tuesday after a report said that the company might cut 1,000 jobs to reduce costs.  The stock rose 1.3 percent to 3.13 Hong Kong dollars, or 41 U.S.
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National Semiconductor Corp. posted a higher quarterly profit Thursday, with sales in line with its reduced forecast on lower-than-expected demand for flat-panel displays and from Chinese wireless handset makers.
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Consumer electronics retailer Best Buy Co  posted a higher-than-expected third-quarter profit on Tuesday on strong sales and raised its full-year earnings forecast.
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Japan's Toshiba Corp.  said on Wednesday quarterly profit more than tripled, as proceeds from subsidiary sales made up for weak microchip revenue, but it tweaked its full-year outlook higher.
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Lenovo, the world's third-biggest personal-computer maker, returned to profit in the fourth quarter. Net income was $60.1 million in the three months that ended March 31, compared with a $116 million loss a year earlier.  (c) 2007 International Herald Tribune.
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IBM and the rest of the tech industry might have a better year than most onlookers expected. IBM's third-quarter earnings rose 15% from a year earlier, to &#36;1.17 a share, excluding a one-time &#36;320 million charge to settle a lawsuit over its pension plan. That beat analysts' average estimate by 3 cents a share.
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The large maker of business software applications said its third-quarter profit rose 10 percent on an increase in license sales.