Lenovo Group net profit drops 67%

Lenovo Group Ltd. (0992.HK) announced Thursday that its fiscal third-quarter net profit dropped 67% as revenue continued to slide from a year earlier.

The company said net profit for its third fiscal quarter ended Dec. 31 was $98 million, falling well short of the $159.5 million estimate of analysts surveyed by Thomson Reuters Eikon. Revenue for the quarter fell to $12.2 billion from $12.9 billion a year earlier.

Lenovo is the world’s largest personal computer maker by shipments, and also sells Motorola smartphones. Its market share in personal computers edged up to 22.4% in the latest quarter.

The company has faced a challenging turnaround this year as it grappled with stiff competition in the smartphone market.

Source: MarketWatch