#Lenovo Group plans to step up the transformation at its underperforming mobile and data-centre businesses after the computer giant swung back in the black in the year to March, rebounding from a loss in the same period last year.
“The group will execute its strategy diligently to drive sustainable profitable growth over time,” chairman and chief executive Yang Yuanqing said in a press conference on Thursday after the market closed.
Shares of Lenovo opened at HK$4.87 but quickly surged in the afternoon after the company reported its results for the financial year to March. They rose 3.7 per cent to close at a four-week high of HK$5.05.
The company, which has operations in more than 160 countries, posted a net profit of US$535 million, compared with a US$128 million loss the previous year.
Revenue was down 4 per cent to about US$43 billion due to lingering weakness at its mobile and data-centre businesses.
Its net profit missed the US$604 million consensus estimate from a Bloomberg survey of analysts while revenue was in line with the market estimate of US$43.1 billion.
https://www.biv.com/article/2017/5/lenovo-returns-profit-amid-lingering-weakness-mobi/
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