Lenovo is a Chinese multinational computer company that develops, manufactures and markets desktop and notebook computers, workstations, servers, storage drives, IT management software, and other related products and services.
Lenovo was incorporated in Hong Kong in 1988 under its previous name, Legend. Lenovo's principal operations are currently located in Beijing in China, Morrisville in North Carolina, and Singapore.
Lenovo is the world's second largest PC maker. It markets the ThinkPad line of notebook PCs and ThinkCentre line of desktops. These brands became part of Lenovo's offerings after its 2005 acquisition of IBM's personal computer business. Lenovo also sells the IdeaPad line of notebook computers. Lenovo markets its products directly to consumers, small to medium size businesses, and large enterprises, as well as through online sales, company-owned stores, chain retailers, and major technology distributors and vendors.
Financials and market share Lenovo is a global Fortune 500 company with a special focus on personal computers with annual sales of over $21 billion. Lenovo is the dominant supplier of computers in the Chinese mainland and the second largest computer maker by volume in the world. After years of expansion and numerous acquisitions, Lenovo became the world's second largest supplier of personal computers in the world during the third quarter of 2011.
Owing to rapid sales growth across all markets, Lenovo commanded around 13.5 percent of the worldwide computer market as of October 2011. The company's expansion was boosted in part by the joint venture with NEC in Japan and aggressive targeting at both the professional and consumer market. Yang Yuanqing said that Lenovo would continue its expansion by focusing on technological convergence in the areas of smart phones, tablets, personal computers, and "smart TV."
"We must deliver a great user experience across all platforms to achieve our goal and become the leading personal technology company in the world," he stated.
In the second quarter of 2011, Lenovo was the third largest vendor of personal computers in the world. For the year ending with third quarter 2010, its market share increased from 8.6 percent to 10.4 percent. The company is the largest seller of PCs in China, with a 28.6 percent share of the Chinese market, according to research firm IDC in July 2009. It reported annual sales of $14.9 billion for the fiscal year ending 2008/2009 (ending March 31, 2009).
During the first quarter of 2011 Lenovo controlled 31.7 percent of the Chinese personal computer market when measured by units sold. Lenovo reported a 98.3 percent rise in profit to $108.8 million during the first quarter of 2011, up from $54.86 million during the same quarter of the previous year. Lenovo shipped 10.28 million personal computers in the first quarter of 2011.
In May 2011, Lenovo reported fourth-quarter earnings of $42 million on sales of $4.88 billion. Wall Street was expecting revenue of $5.08 billion, according to Thomson Reuters.
