Lenovo posted its fiscal fourth quarter and full year earnings ended March 31, 2014 on Wednesday, noting record profits and record annual revenue on strong growth in PC, tablet and smartphone sales. Lenovo's full year profits came in at a record $817 million, up 29 percent over last year, and record annual revenue of $38.7 billion, up 14 percent year-on-year.
The company also posted record device sales volume, too, noting 114 million devices sold, up 37 percent year-on-year. The firm sold a total of 55 million PCs, 50 million smartphones and 9.2 million tablets. "Not only did we strengthen our leading position in PCs, but we gained three points in tablets by quadrupling sales volume and became the fastest growing major smartphone company in the world," Lenovo chairman and CEO Yuangqing Yang said.
China is still Lenovo's biggest market, accounting for 33 percent of all sales. Globally, Lenovo has a record 17.7 percent of the PC market, up 2.1 percent from a year ago. PC shipments increased 33.3 percent in Europe, the Middle East and Africa, however, while PC shipments jumped 18 percent year-on-year in the Americas, too. Lenovo said it surpassed Apple in PC sales in the United States, earning a 10.8 percent market share. The company will also earn new smartphone market share in the U.S. this year following the closure of its deal to acquire Motorola Mobility from Google for $2.91 billion.
Yang said Lenovo is also working to build growth in new segments such as the enterprise business. "Our value will be even greater in the future," he said.