China's PC Giant Reports Small Profit
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Lenovo Group Ltd., a Chinese technology giant that has agreed to buy IBM's personal computer division, reported Friday a slight rise in net profit in its fiscal third quarter, citing lower revenue despite strong sales of notebook computers.
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HONG KONG/SAN FRANCISCO  - IBM is selling its  PC-making business to China's largest personal computer  company, Lenovo Group Ltd., for $1.25 billion, marking the U.S.  firm's retreat from an industry it helped pioneer in 1981.
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The PC maker quietly cashes out as a penny stock.
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Microsoft managed to earn a slight profit for its fiscal 2008 fourth quarter despite a billion-dollar-plus charge incurred to fix faulty Xbox360 consoles.
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The computer maker's earnings hit estimates, but investors hoped for more.
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IBM's personal computer business, which it is selling to Lenovo Group of China, has lost money for the past 3 1/2 years.
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Linux is expected to make steady gains over the next few years on the desktop PCs of small businesses, according to a new report. The report, released on Monday by The Yankee Group, says Linux has minimal
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International Business Machines Corp.  on Tuesday posted a quarterly net profit that beat Wall Street's recently raised profit target as solid year-end product sales were buoyed by a weaker U.S. dollar.
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IBM has gained a crucial foothold in China by selling its PC business to Lenovo, the countryâs biggest computer maker, for $1.75 billion (Â£900 million) in cash, shares and debt.
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The global personal computer market is expected to grow at a modest pace in 2005 as the economic recovery slows, according to a report Wednesday by a market research firm.
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I.B.M. said that the personal computer business it was selling to the Lenovo Group of China had not made a profit for three and a half years.
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(InfoWorld) - Just two weeks afterÂ revealing that some employees had falsified corporate revenue to meet earnings targets, Dell reported a profit of $733 million for its fiscal 2008 second quarter, up 46 percent from its mark of $502 million for the same period last year. The strong result was driven by sales to enterprise customers, an increase in the selling prices of Dell PCs, and a drop in component costs, the company said. Dell recorded revenue of $14.8 billion for the quarter ending Aug. 3, generating earnings of $0.32 per share. Both figures were above Wall Street expectations of $14.63 billion revenue and $0.30 earnings per share, according to analysts surveyed by Thomson Financial. However, Dell warned investors to be cautious when comparing the figures to past quarters because the company plans to restate its earnings for the past four years. Dell plans to revise its quarterly and annual financial statements for fiscal 2003, 2004, 2005, 2006, and the first quarter of 2007. The company also plans to share a number of earnings reports it delayed filing during its internal investigation of the accounting fraud, including the last three quarters of fiscal 2007 and the first quarter of fiscal 2008. The Nasdaq stock market has given Dell a deadline of Nov. 12 to file those reports in order to meet requirements for a publicly traded stock. In addition, the U.S. Securities and Exchange Commission (SEC) plans to continue its own investigation of Dell's bookkeeping practices. Dell's accounting problems were more than a mere distraction, costing the company $59 million to pay for its internal audit over the past quarter. Also detracting from its profit was $102 million in stock option payments, the company said. Despite its troubles, Dell is making progress on a long-term plan to reduce its operating expenses, CEO Michael Dell said in a statement. The company will do that through layoffs, improved productivity, and investments in its infrastructure. In May,Â Dell announced it would lay off 8,800 people, about 10 percent of its workforce. Over the past quarter, the company has made a series of acquisitions, includingÂ ASAP Software, SilverBack Technologies, andÂ Zing Systems. In recent months, Dell has also made a major change in its business plan by augmenting its online direct-sales model with deals to sell its PCs through retail partners such as Wal-Mart in North America and South America, Bic CameraÂ in Japan, and Carphone Warehouse in the U.K.
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China's 500 largest firms have seen their combined profits rise 23% to $80.4bn last year, researchers find.
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Lenovo, the Chinese computer maker which is buying IBM's PC arm, has seen profits growth stall as domestic sales slow.
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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, China&#39;s largest personal computer maker, will pay US$1.75 billion (HK$13.65 billion) in cash, stock and assumed debt for IBM&#39;s struggling PC operations in a move that will make it the world&#39;s third-biggest PC manufacturer and fulfil its long-held
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PC maker sees potential profit at the end of the tunnel, boosted by new sales strategy.