Lenovo quarterly sales climb in weak market

Lenovo Group revenues rise 10.5 percent during the fiscal first quarter, despite a weak economy.

Lenovo Group reported a 10.5 percent increase in its fiscal first quarter revenues, despite a weakening global economy.

The computer maker reported revenues climbed to $4.2 billion in the quarter ending June 30, up from $3.8 billion a year ago. Shipments of PCs climbed 14.6 percent for the quarter.

"Despite a softening global economy, we delivered solid gains in worldwide sales," Yang Yuanqing, Lenovo chairman, said in a statement.

Sales in the Europe, Middle East, and Africa region, for example, increased by 26 percent, while Asia Pacific shipments grew 11 percent.

The Americas, however, continued to be affected by a weak economic environment, the company stated.

Lenovo posted earnings of $1.25 a share for the quarter, up from 78 cents the previous year.

Featured Video

Apple dethroned as world's most highly valued company

An old foe with a new name took the title away from Cupertino. Also, Yahoo's looking at yet another big shake-up.

by Iyaz Akhtar