BEIJING (dpa-AFX) - Chinese PC and mobile maker Lenovo Group Ltd. (LNVGY.PK) reported weak profit in its third quarter, despite higher revenues.
Chairman and CEO Yuanqing Yang said, 'Looking ahead, our commitment to AI innovation, our pocket-to-cloud computing capabilities, full stack portfolio of smart devices, smart infrastructure, smart solutions and services, combined with our partnerships with other key leaders in AI, will ensure that we are well-positioned to capture the tremendous opportunities in AI.'
For the third quarter, net income attributable to equity holders fell 23 percent to $337 million from last year's $437 million. Basic earnings per share were 2.81 US cents, down from 3.65 US cents last year.
Adjusted net income attributable to equity holders was $357 million, compared to $447 million a year ago.
Group revenue, however, increased 3 percent to $15.72 billion from prior year's $15.27 billion, driven by the resilience of core businesses and the effectiveness of the service-led transformation..
Lenovo said its diversified growth engines continued to deliver strong performance, with revenue from non-PC businesses accounting for 42 percent of Group revenue, up 1.3 points year-on-year.
In Hong Kong, Lenovo shares were trading at HK$8.51, down 0.6 percent.
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