Lenovo swings to forecast-beating first quarter profit

HONG KONG (Reuters) - Chinese PC maker Lenovo Group swung to a profit and beat estimates in the first quarter on Thursday, helped by a sharp jump in revenue.

Net profit came in at $77 million for the three months ended in June, compared with a loss of $72.3 million in the same period a year.

That was ahead of an average estimate of $59.37 million from six analysts polled by Thomson Reuters I/B/E/S.

Revenue rose 19 percent from a year earlier to $11.91 billion, compared with an average analyst estimate of $11.26 billion.

(This version of the story corrects figure in paragraph three to “million” from “billion”.)