Jump in profits revealed by Lenovo

<p>Lenovo has revealed a big rise in its profits.</p>

An increase in sales of its smartphones and laptops has helped Lenovo to record a large rise in its profits in its latest financial results.

The Chinese company confirmed that its profits were 36 per cent up for the third quarter of the year compared to the July-September period in 2012.

Lenovo saw sales of mobile devices double over the course of the year and the firm revealed that it made a net profit of $220 million (£137 million).

The world's biggest PC maker has switched its focus to smartphones and laptops in recent years as the global PC market has been shrinking.

"Lenovo not only remains the top PC company in the world, but is also already the number four player in both smartphones and tablets worldwide and continues growing rapidly," Yang Yuanqing, chief executive of Lenovo, said in a statement.

The company also announced that shipments of its smartphones rose 78 per cent year-on-year in the three months to the end of September.

Following the news of a large rise in profits for the firm, its share price rose by more than two per cent on the Hong Kong Stock Exchange this morning (November 7th).

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