Lenovo posts forecast-beating first quarter profit

Net profit came in at USD 77 million for the three months ended in June, compared with a loss of USD 72.3 million in the same period a year.

Update: 2018-08-16 02:23 GMT

Lenovo reported a $128 million net loss for the year ending March 31, compared with a net profit of $829 million in the same period last year.

Chinese PC maker Lenovo Group swung to a profit and beat estimates in the first quarter on Thursday, helped by a sharp jump in revenue.

Net profit came in at USD 77 million for the three months ended in June, compared with a loss of USD 72.3 million in the same period a year.

That was ahead of an average estimate of USD 59.37 million from six analysts polled by Thomson Reuters.

Revenue rose 19 per cent from a year earlier to USD 11.91 billion, compared with an average analyst estimate of USD 11.26 billion.

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