Lenovo Posts Record Financial Results for Q3 FY 2011

Lenovo has again posted its financial results and, as has become easy to expect from this particular IT player, its evolution during the latest quarter was positive indeed.

Lenovo wasn't much of a PC brand name a few years ago, but it soon became one of the fastest-growing IT companies in the world.

This situation continues to hold true according to the newest financial report.

The company has released its findings for the third quarter of fiscal year 2011/2012, the one that ended on December 31, 2011.

In addition to accumulating the highest-ever worldwide market share (14 percent), Lenovo scored record quarterly sales of $8.4 billion (6.33 billion Euro).

The pre-tax income was also the highest in the company's history, at $192 million (144.88 million Euro).

"Despite the worldwide hard drive shortage in the past quarter, Lenovo continued to achieve strong growth with record results in market share and revenue, as well as record high in PTI (pre-tax income) of US$192 million. For the first time, Lenovo became the number one vendor globally in commercial PCs and in consumer desktop," said Yang Yuanqing, Lenovo chairman and CEO.

"We saw strong progress in our Mobile Internet business. During the quarter, Lenovo sold more than 6.5 million phones, and almost half were smartphones. Lenovo's smartphone market share in China reached double-digit market share in December. We also see strong momentum in our tablet business. All these successes demonstrate that Lenovo has built a strong foundation for the next steps beyond traditional PCs."

Lenovo currently has net cash reserves of $3.9 billion (2.94 billion Euro) and a market share of 35.3% in China (again, largest ever).

All in all, the company can be considered to reflect the positive traits of a market that is making life hard for, among others, memory and touch panel makers.