Lenovo posts a 23 percent increase in third-quarter profit

Lenovo posts a 23 percent increase in third-quarter profit

Chinese personal computer maker Lenovo has posted a 23 percent increase in third-quarter profit. The company managed to beat the market analyst’s predictions.

Lenovo boosted from the recently announced job cut plans and also gained from their increasing market share in the Asian countries.

Company’s net income for the three months ended Dec. 31 rose to $57.7 million. The sales were up at $4 billion from $3.98 billion in the same period in the previous year.

Lenovo also managed to increase its lead in Asia over Hewlett-Packard and Dell. They gained by lowering their prices to beat the competition in the market.

Lenovo chairman Yang Yuanqing said: “Continued high growth in our Chinese business enabled Lenovo to hold global market share. We must continue to work diligently to address our most critical challenges of lower expense-to-revenue ratio and operational efficiency.”