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Lenovo post US$265m profit on back of PC sales

The Chinese company has reported a 29 per cent quarterly profit jump as it increases it share of the PC market.

Sony may be exiting the PC market, but Lenovo is proving that there's still a little gold in them there PC hills.

Lenovo's third-quarter earnings were buoyed by its growing PC market share. (Credit: Sarah Tew/CNET)

The company reported that its net profit for third quarter (ending 31 December 2013) was up US$60.4 million year-on-year to US$265 million.

Lenovo shipped 15.3 million PCs in Q3 giving it a quarterly market share of 18.5 per cent, up 2.4 per cent.

Of course, it's not all sunshine and rainbows for the PC industry. Reflecting an ongoing general decline in PC sales, Lenovo did ship more smartphones and tablets in Q3 than PCs: 17.3 million compared to 15.3 million.

Lenovo's tablet shipments were actually up 300 per cent, mainly thanks to the 13-inch IdeaPad Yoga.

The company certainly seems well placed to bust into the Western smartphone market on the back of its acquisition of Motorola from Google.