Lenovo Announces Q3 Financials, Posts Record Profit
February 9, 2012 10:23 AM
Lenovo continues to grow faster than overall PC industry
Lenovo has reported its Q3 2011/2012 financial data, and the numbers look good. The company recorded quarterly sales of $8.4 billion and pre-tax income of $192 million. This marks the 11th quarter in a row that Lenovo has grown faster than the PC industry as a whole.
Q3 is also the ninth quarter in a row that Lenovo has grown faster than the top four computer manufacturers. The company attributes this to balanced growth across all geographies and customer segments. Lenovo is traditionally big is home territory of China where much of the computer industry growth has been recorded. This quarter Lenovo landed its highest ever global market share at 14% of industry.
Lenovo's $192 million in pre-tax income represents a 59% increase year-over-year. The company also grew its gross profit for the third quarter 47% year-over-year and ended up with 11.4% gross profit margin. Overall sales for the quarter were $8.4 billion, a gain of 44% compared to last year. Lenovo also notes that its PC shipments grew 37%. Basic earnings per share for Q3 was $1.50 per share. Lenovo also noted that as of December 31, 2011, it had $3.9 billion in cash reserves. It certainly sounds like the company is very healthy.
"Despite the worldwide hard drive shortage in the past quarter, Lenovo continued to achieve strong growth with record results in market share and revenue, as well as record high in PTI (pre-tax income) of US$192 million. For the first time, Lenovo became the number one vendor globally in commercial PCs and in consumer desktop," said Yang Yuanqing, Lenovo Chairman and CEO. "We saw strong progress in our Mobile Internet business. During the quarter, Lenovo sold more than 6.5 million phones, and almost half were smartphones. Lenovo's smartphone market share in China reached double-digit market share in December. We also see strong momentum in our tablet business. All these successes demonstrate that Lenovo has built a strong foundation for the next steps beyond traditional PCs."
Lenovo holds 35.3% of the overall computer market inside of China. Sales inside China alone totaled $3.5 billion. Lenovo also posted impressive growth in other emerging markets as well as mature markets. Lenovo's laptop shipments globally totaled $4.5 billion, which is an increase of 30% compared to last year. Desktop shipments also increased 32% year-over-year globally. Lenovo isn't a big name in smartphones inside the United States; however, it sold $565 million worth of smartphones in China.
"Can anyone tell me what MobileMe is supposed to do?... So why the f*** doesn't it do that?" -- Steve Jobs
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