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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| International Business Machines Corp | NYSE:IBM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 1.60 | 0.97% | 166.29 | 166.61 | 164.92 | 165.00 | 3,386,067 | 01:00:00 |
From May 2019 to May 2024
BEIJING—Lenovo Group Ltd. said Thursday its net profit for the quarter ended June 30 rose 64% on cost savings, despite a fall in revenue.
Lenovo said its fiscal first-quarter net profit rose to $173 million from $105 million a year earlier. Analysts had expected a net profit of $133.4 million, according to the average forecast of 13 analysts polled by Thomson One Analytics.
Its revenue fell to $10.1 billion in the quarter from $10.7 billion the previous year. This came in higher than a forecast of $9.7 billion from 17 analysts by Thomson One Analytics.
Lenovo announced a $650 million cost-cutting program a year ago as it integrated its acquisitions of the Motorola smartphone business and an IBM server unit. It faces a challenging outlook as the global market for personal computers continues to shrink and as growth in the China smartphone market slows.
Write to Eva Dou at eva.dou@wsj.com
(END) Dow Jones Newswires
August 17, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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