Lenovo nearly doubles net profits in Q1 earnings report, not so certain about ‘mainstream’ Ultrabooks by end of year

Lenovo ’s enjoying a bright and sunny Thursday in Hong Kong today, where the company has just unveiled a Q1 2011 / 2012 earnings report that’s full of rosy news. According to the report, Lenovo’s revenues jumped to $5.92 billion during the fiscal quarter, representing a 15 percent increase over last year’s figures , while net profits nearly doubled to $108 million (compared to $54.9 million last year). Global PC sales, meanwhile, nudged upward 23 percent — even at a time when most other manufacturers are seeing relatively sluggish growth . During an earnings conference call this morning, COO Rory Read provided a little insight into his company’s approach to the growing Ultrabook sector, while hinting at future price reductions. Speaking to reporters, Reed assured that Lenovo would “invest in innovation to be a leader” in the Ultrabook market, adding that prices for its MacBook Air competitors may reach “mainstream” (sub-$1,000) levels by 2012: “I wouldn’t say by the end of the year necessarily but…that’s definitely going to happen.” Head past the break for Lenovo’s financial summary, along with the full PR. [Original photo by Cory Grenier ] Continue reading Lenovo nearly doubles net profits in Q1 earnings report, not so certain about ‘mainstream’ Ultrabooks by end of year Lenovo nearly doubles net profits in Q1 earnings report, not so certain about ‘mainstream’ Ultrabooks by end of year originally appeared on Engadget on Thu, 18 Aug 2011 05:14:00 EDT. Please see our terms for use of feeds . Permalink