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Lenovo annual profit rises 29 percent as smartphone surge offsets weak China

21
May
2014

By Paul Carsten BEIJING (Reuters) – Chinas Lenovo Group Ltd, the worlds fourth-biggest smartphone vendor, saw net profit grow 29 percent for the business year ended March, as strong smartphone sales helped shore up weak growth in China. Lenovo is expanding into smartphones to offset a decline in its once-mainstay personal computers (PC) as consumers switch to mobile devices, to the extent that it agreed in January to buy the Motorola Mobility smartphone unit of Google Inc for $2.9 billion. The company, which became a global brand in 2005 after buying the PC unit of International Business Machines Corp (IBM), also in January agreed to buy IBMs low-end server unit for $2.3 billion as another way to combat slow PC sales. Chief Executive Yang Yuanqing said the acquisitions would weigh on finances in the near term.

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