UPDATE 3-China's Lenovo confident of managing virus impact, reports strong Q3 [Reuters]
LENOVO GROUP LTD S/ADR (LNVGY)
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Source: Reuters
China's Lenovo confident of managing virus impact, reports strong third quarter SHANGHAI (Reuters) - Lenovo Group ( 0992.HK ), the world’s biggest PC maker, posted a better than expected profit on Thursday and said its global operations would help it tackle short-term headwinds from China’s coronavirus outbreak, sending its shares up 7%. The Chinese company reported an 11% rise in net profit for its third quarter ended December to $258 million thanks to strong demand for its PCs and smart devices, beating an average $223 million estimate of seven analysts, according to Refinitiv data. Revenue rose to a record $14.1 billion. “The numbers are very good,” said Christopher Yim, analyst at BOCOM International, adding that the PC business’ profitability was impressive. Lenovo is among companies facing disruptions to their supply chain after local governments in China extended a Lunar New Year holiday and imposed strict travel curbs to limit the spread of the coronavirus. IPhone maker Appl
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