Lenovo's Second-Quarter Profit Rose 6% Despite Sales Drop

By Yifan Wang

Lenovo Group Ltd. said its fiscal second-quarter profit rose 6% despite a sales decline, as profitability got a boost from better cost efficiency and lower tax rates.

The world's largest personal-computer maker on Thursday posted net profit of $541 million for the three months ended Sept. 30, up from $512 million a year earlier.

The profit growth came despite a 4% revenue drop to $17.09 billion. Lenovo's PC sales took a hit from weakening consumer spending and shrinking business investments globally.

Better cost efficiency and lower tax rates helped support Lenovo's bottom line.

Write to Yifan Wang at [e-mail]

(END) Dow Jones Newswires

11-03-22 0036ET