Lenovo's quarterly profits soar, becomes fourth largest smartphone vendor in the world

world's largest PC manufacturer is going strong, as Lenovo announced today that it witnessed a second-quarter profit increase to the tune of 19 percent. The rise is attributed to healthy sales of smartphones as well as PCs, with Lenovo seeing an increased market share in both categories.

Lenovo posted a net profit of $262.1 million for the quarter, up from $219.7 million a year earlier.Overall revenue rose from $9.77 billion to $10.48 billion, an increase of 7 percent. According to chairman and CEO Yuanqing Yang:

Lenovo had another strong quarter that saw excellent market share gains and profit expansion. Not only did we reach nearly 20 percent share in PCs, but we became #1 in the broader PC+ tablet market for the first time.

The Chinese manufacturer not only controls nearly 20 percent global market share in the PC segment, but is also making its way up the smartphone charts. With 16.9 million sales during the quarter, Lenovo is now the fourth largest smartphone vendor in the world. The ascension is largely due to strong sales in its home market, where Lenovo was successfully able to capitalize in the entry-level segment. The manufacturer also unveiled products for the mid-tier and high-end segments at the IFA this year, including the Vibe X2 and the QHD display-toting Vibe Z2 Pro.

Lenovo recently completed its acquisition of Motorola Mobility from Google, which gives it a foothold in the US market.

Source: Lenovo