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Lenovo posts top quarterly results since buying IBM

(China Daily)
Updated: 2007-02-02 08:39

"Continued high growth in our China business enabled Lenovo to hold global market share," said Yang Yuanqing, Lenovo's chairman. "All of our geographic regions except the Americas reported profitability this quarter in a very competitive market."

The US group lagged behind its two global rivals with a 7.3 percent market share, compared with Hewlet-Packard's more than 18 percent and Dell's 14.7 percent.

"Hewlet-Packard is by far the largest PC maker in terms of market volume," IDC said in a report. "Microsoft's new Vista operating system fuels the already fierce competition, so we will hold a watch-and-see attitude with all the ambitious PC makers."

William Amelio, Lenovo's president andchief executive officer, said in March last year Lenovo would cut about 1,000 jobs and move offices at a cost of $100 million after completing the $1.25 billionacquisitionof IBM's PC business in May 2005.

"Transformation takes time, but we are confident that we have the right plan in place to achieve our goals and deliver enhanced shareholder returns," said Yang in a statement.