China's Lenovo quarterly profit more than doubles

Published: 05 Nov 2009 00:33:11 PST

HONG KONG, Nov 5 - Lenovo <0992.HK>, the world's No.4 PC brand, reported a better-than-expected quarterly profit that more than doubled on an improving global PC market outlook, its first profit after three straight quarters of losses.

Lenovo's earnings top off a string of better-than-expected results from technology peers such as Microsoft and Google , reaffirming a return in demand and raising hopes that consumer and corporate spending is picking up again. Lenovo said it made a $53.08 million net profit in July-September, beating market expectations for a $24.5 million net profit, according to a poll by Thomson Reuters I/B/E/S.

It was also more than double the $23.4 million net profit reported a year earlier.

The company's results came after the Hong Kong stock exchange closed on Thursday. Its shares have more than doubled so far this year, beating a 49 percent advance on the benchmark Hang Seng index <.HSI>.