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PC maker Lenovo has reported double-digit sales growth for its latest financial quarter, with PC sales up over 10 percent, defying the gloom that seemingly affects the rest of the market.
Lenovo's success comes as overall sales of PCs have slowed, which looks set to give the company a chance to become the overall PC market leader.
“Our global PC market share reached another historic high, moving us closer to our dream of becoming the worldwide PC leader,” said Yang Yuanqing, chairman and chief executive of Lenovo.
Sales for the three months to 30th September hit $8.7bn, up 11 percent on the same quarter a year ago. Profits at Lenovo, meanwhile hit $163m, up from $145m a year earlier.
Part of Lenovo's success story can be attributed to smart acquisitions: its capture of Brazilian PC maker CCE has given it extra clout in the world’s third-largest PC market.
But even in declining markets such as Europe, Lenovo has managed to confound its competitors. The firm claimed to have increased its PC shipments in the region by 27 percent year-on-year, largely based on sales in Germany and Russia.
According to analyst Gartner, worldwide PC sales fell by eight percent in the third quarter of 2012, highlighting the troubles for Lenovo's rivals.
Against that backdrop, Lenovo overtook HP as the world's top PC vendor, according to the Gartner figures, a lead that Lenovo's Yuanging said the firm wants to maintain.
Nevertheless, Lenovo must be aware that it cannot rely on PC sales forever even Yuanqing chooses to characterise the end of the PC era as the “PC plus era”.
Last month, Lenovo unveiled a series of Windows 8-based convertible tablets, and it has also been investing heavily in ramping up its smartphone business.