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Lenovo's Q4 profit growth of 512% beats estimates

FILE PHOTO: The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration FILE PHOTO: The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration
FILE PHOTO: The Lenovo logo is seen in this illustration photo January 22, 2018. REUTERS/Thomas White/Illustration (REUTERS)

Pandemic-fuelled buying of laptops, televisions and personal gadgets have propped up sales of various electronic companies including rival Samsung Electronics.

China's Lenovo Group on Thursday posted a better-than-expected rise of 512% in fourth-quarter profit, as more consumers working and studying from home powered demand for the world's biggest maker of personal computers.

Profit for the quarter ended March 31 jumped to $260 million, above an average estimate of $204.7 million from seven analysts, according to Refinitiv data.

Revenue rose 48% to $15.63 billion from $10.58 billion a year earlier. Analysts expected a revenue of $14.33 billion.

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Lenovo said in a statement its board recommended a final dividend of 24 Hong Kong cents per share for the year ended March 31. In 2020, it paid 21.5 cents per share.

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According to research firm Gartner, worldwide shipments of personal computers rose nearly a third in the March quarter, following a weak 2020 base, the fastest year-over-year growth since Gartner began tracking the PC market two decades ago.

Lenovo strengthened its lead in PCs with a quarter of share of the market, ahead of HP Inc with 21.4% and Dell Technologies with 16.5%, Gartner said.

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