Lenovo’s disappointing quarterly revenue knocks shares down 11 pct (Reuters)

By Yimou Lee HONG KONG (Reuters) – China’s Lenovo Group Ltd reported a forecast-beating third-quarter net profit on Wednesday, but a disappointing drop in revenue amid a slowing global PC and smartphone market sent its shares tumbling 11 percent. Lenovo Chief Executive Yang Yuanqing reiterated the company’s shift to emerging markets outside of mainland China, such as India and Southeast Asia, to counter the sales drop at home as the once booming smartphone market has become saturated. “It doesn’t mean we are giving up on the China market, but we believe once we build a solid foundation in the global market, we have a better chance to win back in China,” Yang told Reuters in an interview.