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Lenovo Fiscal 4Q Net Profit Rises On Cost Control, Strong Shipments

Chinese personal-computer maker Lenovo Group Ltd. (0992.HK) said Thursday net profit for its fiscal fourth quarter ended March rose 90% from a year earlier on cost controls and robust shipments even as the global PC market continues to shrink.Lenovo said net profit rose to $127 million from $67 million a year earlier, above the forecast of $106.9 million by 12 analysts polled by Thomson Reuters. Revenue rose 4% to $7.83 billion from $7.50 billion, below the average $7.97 billion forecast by 14 analysts.Lenovo's solid earnings stand out from the global PC industry, which is struggling with weak demand as more consumers spend their money on tablet computers and smartphones.Global PC shipments in the first quarter fell 14% from a year earlier, according to research group IDC.As a result of the shrinking market, PC makers are under pressure to strengthen their offerings of mobile gadgets, and Lenovo has pushed to use its position as the second-largest smartphone maker in China after Samsun...

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