Recently, Chinese personal computer manufacturer Lenovo reported a surge by 20% on-year in second-quarter profit, slightly surpassing analysts’ projections, as a result of rising demand for its products. The company’s net profit for the quarter—ending in September—surged to $202 Million in comparison to an average projection of $199.59 Million by eight analysts, as reported by Refinitiv data. The revenue surged by 1% to $13.52 Billion, compared to an average projection of $13.73 Billion by 11 analysts. In a statement, the company said, “Looking forward, the international demand for technology products is anticipated to remain unstable in the middle of a complex macro environment. Nevertheless, going forward, Lenovo is well-placed to manage dynamic and complex market conditions.”
In August, China’s Lenovo—which is the world’s largest personal computer producer—cautioned that it will have to surge the prices if the U.S. tariffs augment and that shifting production from China to shun tariffs can further put up costs. Laptop computers are amongst $156 Billion valued Chinese products that Washington has intimidated to hit with levies from December 15, along with toys and cell phones. Beijing has expected Washington to drop that plan as a part of an accord as both sides assert that they are close to finalizing some sections of a trade agreement.
Speaking of the trade war, recently China said that it has approved with the U.S. to cancel current trade tariffs in phases. China’s Commerce Ministry reported that Beijing had sanctioned with Washington to remove existing trade levies amid the two countries in phases. Gao Feng—Spokesperson for China’s Commerce Ministry—asserted that both parties had agreed to concurrently cancel some existing taxes on each other’s goods in a “phase one” deal, as per the country’s state broadcaster.
Charles is a Chief Marketing Manager at our company. He is good at content marketing, his job duties include all social media-related marketing, blogging, and publishing related operations. Charles is with us from last 5 Years and has pursued a post-graduate diploma in marketing management. In his free time, he guides team-mates regarding business and share thoughts on media-related content.