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Lenovo records impressive Q2 results

Lenovo has revealed record sales figures in its second fiscal quarter results.

The Chinese PC giant reported revenue totalling $8.7 billion (£5.4 billion) between the beginning of July and the end of September, up 11 per cent from the $7.8 billion (£4.9 billion) recorded during the same period last year. This is also a quarterly high for Lenovo.

The company's net profit grew by 13 per cent year-over-year, at $162 million (£101 million) compared to $144 million (£90 million). Meanwhile, gross profit stood at $1.05 billion (£656 million), an 11 per cent rise from last year.

Lenovo's Q2 PC shipments increased by 10.3 per cent, which is especially notable in a market down eight per cent from a year ago. This represents the 14th quarter in a row in which Lenovo has grown faster than the PC business as a whole. Meanwhile, its competitors HP and Dell saw their shipments decline by 16 and 14 per cent respectively, as more and more consumers opt for tablets and smartphones.

It now holds 15.6 per cent of the global PC market, its highest ever portion, and is the world's leading PC manufacturer in terms of shipments, according to Gartner.

"With the strong execution of our Protect and Attack strategy, Lenovo has continued its strong and balanced growth momentum. Our global PC market share reached another historic high, moving us closer to our dream of becoming the worldwide PC leader," said Yang Yuanqing, CEO and chairman of Lenovo. "Lenovo's overall profitability will continue to improve."

Lenovo has made several strategic moves to combat the slide in the global PC market. It has strengthened its mobile device offerings, which now make up around 8 per cent of its revenue, as well as purchased Brazil-based PC and consumer electronics firm CCE Business and taken over US-based cloud computing company Stoneware.