Why Lenovo Group (LNVGY) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Lenovo Group Limited (LNVGY) are up 3.65% to $24.43 after reporting a 25% increase in fourth quarter profit as its desktop personal computer models and mobile devices increased market share worldwide.

Their net income jumped to $158.3 million in the three months ended March from $126.9 million a year earlier. the company said. That compared with the $163.6 million average of nine analysts' estimates compiled by Bloomberg.

Lenovo's sales were $9.4 billion from $7.83 billion a year earlier. That beat the $9 billion average of 21 analysts' estimates compiled by Bloomberg.

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While global PC shipments dropped 1.7%t in the three months ended in March, Lenovo expanded market share as sales rose 11%, according to a Gartner report.

Lenovo maintained the top spot in the PC market in the period with 17% of shipments. Hewlett-Packard Co. HPQ was next with 16%, Gartner said.

Lenovo's smartphone shipments soared 63% in the period to 12.9 million units, said International Data Corp., adding that its global market share was 4.6%, up from 3.6% a year ago.

 

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