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Lenovo ready to challenge mobile industry leaders

By Gao Yuan  (China Daily)

09:34, January 31, 2013

A Lenovo Group Ltd store in an electronics products mall in Tianjin. Lenovo said on Wednesday that its earnings surged to $205 million in the three months ending on Dec 31, a year-on-year increase of 34 percent. (China Daily/Li Shengli)

Lenovo Group Ltd, the world's largest personal computer maker, said it is ready to challenge Apple Inc and Samsung Electronics Co Ltd in the mobile consumer sector after reporting record-high net revenue for the third fiscal quarter.

The Beijing-based company said its net profits surged to $205 million in the three-month period ending on Dec 31, an increase of 34 percent year-on-year.

Gross profit for the third fiscal quarter reached $1.1 billion, an increase of 15 percent year-on-year, the company said.

"Despite the global economic slowdown, we have outgrown the market in all geographies with record sales," said Yang Yuanqing, its chairman and CEO.

The most important strategy for Lenovo is to further explore mobile devices where Apple and Samsung dominate the market, said Yang, adding that the company may increase its market share through mergers and acquisitions.

Research firm IDC said Lenovo has become the world's third-largest maker of "smart connected devices", including tablets, PCs and smartphones.

During the third fiscal quarter, Lenovo doubled its smartphone sales in China compared to the same period last year, and its smartphone business became profitable, the company said.

Lenovo has sold 9 million smartphones in China over the past three months, the company said, adding the profit in this sector was "very limited". Lenovo claims to have a larger smartphone market share in China than ZTE Corp and Huawei Technologies Co Ltd.

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