Handset sales drive 29% growth in Lenovo’s annual profits

May 24, 2014 1:26 pm

Chinese computer maker, Lenovo Group has announced a jump in full-year net profits, driven by record sales of smartphones, AFP has reported. Net profit for the financial year ending March 31 rose to $817.23m, up 28.7% year-on-year. The company said it has sold a “record-high” level of smartphone devices last year, totalling more than 50 million units — a 72% rise year-on-year. Last February, Yang Yuanqing, the company’s chairman and CEO said the company aims to become the third largest player in the global smartphone market following the acquisition of US telecom firm Motorola Mobility, which Google agreed to sell for $2.91bn in January. The sale has yet to be completed.