China’s Lenovo beats chip shortage to post 65% rise in Q2 profit

SHANGHAI: China’s Lenovo Group, the world’s biggest maker of personal computers, reported a 65% rise in second-quarter profit on Thursday and said it was able to outgrow the market by securing more components amid a global chip shortage.

Profit for the quarter ended Sept. 30 attributable to equity holders jumped to $512 million versus $310 million in the same period a year earlier, and Lenovo said it remained on track towards its goal of doubling profitability in three years.

Revenue rose 23% to $17.9 billion, slightly above an average estimate of $17.3 billion from 9 analysts, according to Refinitiv data.