Lenovo surprises analysts with 31% jump in quarterly net profit

China-based PC maker Lenovo reported 31% leap in first-quarter net profit. Demand for laptops and smartphones grew as a consequence of COVID-19 induced lockdown, that forced people to go online for learning, entertainment and other purposes. Net profit came in at $213M for April-June quarter, nearly double the market estimates. Revenue grew 7% to $13.3B. Lenovo retained its lead in PCs with 25%, ahead of its competitors HP (24.9%) and Dell Technologies (16.4%). 

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