Lenovo shares rise on profits news

<p>Stocks in Lenovo rose over two per cent today.</p>

The share price of Chinese computer company Lenovo rose today (May 21st) following the announcement of an increase in profits for the firm in its latest financial results.

Shares in the business increased by over two per cent after a 29 per cent rise in full year earnings was recorded by the company.

It also made a record $817 million (£485 million) in its net profit for the 12 months to March, selling 55 million PCs during the year.

Lenovo has become the world's largest PC seller in the last few years and stocks in the firm were up by 2.41 per cent following the release of the new financial results.

The company's chairman and chief executive Yuanqing Yang said "The record sales and profits that we delivered last year prove that Lenovo can grow and deliver its commitments, no matter the market conditions."

Record full year revenues of $38.7 billion were also announced by the company, which represents a 14 per cent increase compared to the year before.

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