BEIJING (dpa-AFX) - Lenovo Group Ltd (LNVGF.PK) on Wednesday reported 119% growth in net income in the first quarter to $466 million from $213 million in the comparable quarter last year.
The company cited highest net income margin in many years. It added that digital and intelligent transformation has created substantial market opportunities.
Earnings per share increased to $3.53 from $1.76 a year ago.
Group Revenue for the quarter grew 27% to $16.929 billion from $13.348 billion last year, driven by strong performance in all segments.
'Looking ahead, the company sees continued opportunities for sustainable growth and profitability improvements across its business, in areas such as vertical solutions, infrastructure solutions, premium PCs, and adjacent non-PC devices such as tablets, smartphones, embedded computing, and other smart devices. Additionally, innovation will continue to help drive profitable, sustainable growth. Having increased R&D expense in the first quarter by 40% year-on-year, Lenovo will further invest in innovation and double its R&D investments over the next three years,' Lenovo said.
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