China PC Maker Lenovo Takes Top Spot From HP

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Date: Tuesday November 13, 2012 08:56:15 am
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    China PC Maker Lenovo Takes Top Spot From HP

    Lenovo CEO Yang Yuanqing (L) gestures next to ...

    China’s Lenovo continues to expand into new markets and as a result has broken its own sales record, with third quarter sales of $8.7 billion.  That’s an 11 percent increase from the same period last year.

    Lenovo is the China version of the old IBM Think Pad. It’s grown up considerably since the Think Pad days in the late 1990s. Today, Lenovo leads five of the world’s top seven PC markets, after adding Russia and Germany to its list this year, the company said on Thursday.

    Yang Yuanqing, Lenovo chairman and chief executive officer of the comapny, said Lenovo intends to slow down expanding its market share and instead focus more on increasing the bottom line.  Lenoovo overtook HP in the third quarter of this year to become the largest seller of personal computers by volume, IT research firm Gartner said last month.  HP had been number one since 2006.  In seven of the largest PC markets, Lenovo is No. 1 in China, Japan, India and now in Russia and Germany.

    Lenovo, now the world’s largest PC maker, is looking to expand its tablet PCs and smartphone businesses, company executives said in a conference call with investors week.

    During the second quarter, Lenovo’s worldwide PC shipments grew 10.3 percent and achieved the company’s highest-ever worldwide market share of 15.6 percent.

    Lenovo’s growth has also been witnessed in its share price.  Lenovo’s A shares on the Hong Kong stock exchange are up 19.01 percent year-to-date while HP’s shares are taking a beating, down 49.3 percent.

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