China's Lenovo posts 64% slump in quarterly profit, but beats expectations

Reuters • May 20, 2020, 06:05:42 IST

Whatsapp Facebook Twitter

HONG KONG (Reuters) - China’s Lenovo Group , the world’s biggest PC maker, posted a better than expected quarterly profit on Wednesday and said it could benefit from the “new normal” of working from home. Lenovo reported a 64% drop in net profit for its fourth quarter ended March to $43 million (35 million pounds) due to disruption cause by COVID-19, beating an average $7.49 million estimate of seven analysts, according to Refinitiv data. Revenue dropped 9.7% to $10.6 billion

Subscribe Join Us

Add as a preferred source on Google

Prefer
Firstpost On
Google

China’s Lenovo posts 64% slump in quarterly profit, but beats expectations

HONG KONG (Reuters) - China’s Lenovo Group <0992.HK>, the world’s biggest PC maker, posted a better than expected quarterly profit on Wednesday and said it could benefit from the “new normal” of working from home.

Lenovo reported a 64% drop in net profit for its fourth quarter ended March to $43 million (35 million pounds) due to disruption cause by COVID-19, beating an average $7.49 million estimate of seven analysts, according to Refinitiv data.

STORY CONTINUES BELOW THIS AD

Revenue dropped 9.7% to $10.6 billion.

(Reporting by Pei Li; Editing by Muralikumar Anantharaman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Impact Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.

More Impact Shorts