Lenovo third-quarter net profit falls 67 percent, misses estimates
HONG KONG – Lenovo Group Ltd, the world’s largest personal computer (PC) maker, on Thursday posted a 67 percent slide in third-quarter net profit, lagging analyst estimates, as supply constraints and a weak macroeconomic environment weighed.
Profit fell to $98 million (79 million pounds) over the three months through December, from $300 million in the same period a year earlier. That compared with the $159.53 million average of 14 analyst estimates in a Thomson Reuters poll.
Revenue fell 6 percent to $12.2 billion.
Component supply constraints across the industries in which Lenovo operates impacted performance, in addition to a challenging macro environment and global markets, the company said in a filing. -Reuters