How Will Lenovo (LNVGY) Stock Respond As It Eyes Smartphone Growth In Emerging Markets?

NEW YORK (TheStreet) -- Lenovo Group (LNVGY) is looking to become a major player in smartphones, and not just in China but also overseas, as it challenges Samsung (SSNLF) and Apple (AAPL), the Wall Street Journal reports.

Already the world's largest PC maker by shipments, Lenovo has made big progress in smartphones, the Journal said.

In the second quarter, it not only became the number one smartphone maker in China, overtaking Samsung, but it was the number four vendor by shipments world-wide, according to research firm IDC.

 

Analysts predict Lenovo could become an even bigger player after it completes its acquisition of Google's (GOOGL) Motorola Mobility handset unit, which it agreed to buy for $2.91 billion earlier this year.

Net profit for Lenovo's quarter ended June 30 was up 23% to $214 million from $174 million, beating analysts' expectations.

Revenue climbed 18% to $10.4 billion from $8.79 billion a year earlier.

Shares of Lenovo Group are down -0.95% to $29.12.

 LNVGY ChartLNVGY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists