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August 17, 2012

Lenovo profit beats estimates, China slowdown a risk

National

August 17, 2012

HONG KONG: Lenovo Group Ltd, the world’s No.2 PC maker by sales, reported a better-than-expected quarterly profit, pushing its shares to a seven-week high, but analysts warned a slower Chinese economy could cut into its performance.
The ThinkPad maker, close to overtaking Hewlett Packard Co for the top spot, has risen quickly on the global PC stage due to aggressive pricing, overseas acquisitions and a fast-growing home market. These rapid gains in market share, however, have come at the expense of margins, with profits growing at their slowest pace in more than a year.
Lenovo, with a market value of $8.2 billion, also faces slowing growth in the market for personal computers and tough competition from the likes of Apple Inc and Samsung Electronics Co Ltd in the fast-growing tablet PC and smartphone space.

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