China's Lenovo beats chip shortage to post 65% rise in Q2 profit

China's Lenovo beats chip shortage to post 65% rise in Q2 profit

Information about China's Lenovo beats chip shortage to post 65% rise in Q2 profit

Kevin David


By Brenda Goh
SHANGHAI (Reuters) -China’s Lenovo Group, the world’s biggest maker of personal computers, reported a 65% rise in second-quarter profit on Thursday and said it was able to outgrow the market by securing more components amid a global chip shortage.
Profit for the quarter ended Sept. 30 attributable to equity holders jumped to $512 million versus $310 million in the same period a year earlier, and Lenovo said it remained on track towards its goal of doubling profitability in three years.
Revenue rose 23% to $17.9 billion, slightly above an average estimate of $17.3 billion from 9 analysts, according to Refinitiv data.
“The industry-wide component shortage of various integrated circuits (ICs) remained a business challenge, causing delays in order fulfilment and significant back-log orders across PCs, smartphones, and servers,” it …

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