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Lenovo's revenue for Q3 for fiscal year 2016-17 shows loss of 67% net income

17 February 2017 4

Lenovo recently released their revenue for the third quarter for the fiscal year 2016-17 and it shows a low net income considering the huge expanse of the brand. Although the mobile market suffered a bit, the PC market showed a decent business.

The world's largest PC maker conquered almost two-thirds of the market in December even after HP Inc. threatened to affect their position in North America. The smartphone business which includes the Lenovo-branded as well as the Moto smartphones, showed a decline of 23-percent year-on-year, the reason being successful devices launched by rivals like Huawei.

Lenovo's net income slumped by 67-percent with a net profit of $98 million in the third quarter, which ended in December, from $300 million in the same period last year. However, the PC market showed some great numbers. The business which accounts for 70-percent of Lenovo's overall business showed an increase of 2-percent from the year ago. The Chinese multinational company faced a 7-percent decline in shares after the results were out.

Chairman and CEO Yang Yuanqing blamed the "macroeconomic uncertainty" for this low performance, but assured that the company will continue to "differentiate with innovation and leverage industry consolidation to gain share and keep strong profitability."

As for the future of the company's business, Daiwa Capital Markets' analyst Steven Tseng says,

The market has been very skeptical on whether they can actually put it off to come a sustainable player in a particular market, given that the mobile phone market has been very competitive. The mobile sector requires close attention, as the company's performance will depend on whether they can find a particular niche position or a geographical focus to keep their presence.



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