Lenovo’s Profit More Than Doubles in Second Quarter

What’s new: The world’s top PC-maker Lenovo Group Ltd. reported an uptick in both profit and revenue in the second quarter as it notched robust gains in sales of smart devices.

In the three months through June, Lenovo’s net profit totaled $466 million, representing a year-on-year increase of 119%, according to the earnings report released Wednesday.

Total revenue jumped 27% year-on-year to $16.9 billion, about 87% of which came from sales of its smart devices, including personal computers, tablet computers and smartphones, the report said.

The background: Lenovo retained its crown as the world’s largest PC seller in the second quarter of this year, when it shipped 20 million PCs, representing a year-on-year increase of 15% and giving it a market share of 25%, according to research firm Counterpoint Research. However, the Chinese company’s dominance was challenged by American rival HP, which controlled 23% of the market during the period.

Between April and June, Lenovo was the fastest-growing brand among the world’s five biggest tablet vendors with year-on-year shipment growth of 67%, according to research firm Strategy Analytics. During the period, it shipped 4.7 million tablets globally, making it the world’s third-largest tablet seller with a market share of 10%. Apple ranked first with a market share of 35%.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Ding Yi (yiding@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

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