China’s Lenovo beats chip shortage to post 65% rise in Q2 profit
By Brenda Goh
SHANGHAI (Reuters) -China’s Lenovo Group, the world’s biggest maker of private pc techniques, reported a 65% rise in second-quarter profit on Thursday and talked about it was prepared to outgrow the market by securing additional parts amid a world chip shortage.
Profit for the quarter ended Sept. 30 attributable to equity holders jumped to $512 million versus $310 million in the an identical interval a 12 months earlier, and Lenovo talked about it remained on observe in route of its objective of doubling profitability in three years.
Revenue rose 23% to $17.9 billion, barely above a median estimate of $17.3 billion from 9 analysts, in accordance to Refinitiv data.
“The industry-wide component shortage of various built-in circuits (ICs) remained a enterprise downside, inflicting delays in order fulfilment and very important back-log orders all through PCs, smartphones, and servers,” it …