Lenovo, the world's biggest PC manufacturer, had a 27 percent jump in full-year profit, and has overtaken Apple in PC shipments to the U.S. for the first time. The Chinese company broke the $1 billion benchmark for the first time when it increased its gross profit to $1.01 billion for the year to the end of March. The company saw in 14 percent increase in revenue to $38.7 billion and sold 55 million PCs during this period. Lenovo's global market share has increased to 17.7 percent and has marked a 5 percent leap in year-on-year growth, this coming at a time when the industry has faced a decline of 8 percent.
"The record sales and profits that we delivered last year prove that Lenovo can grow and deliver its commitments, no matter the market conditions," said Lenovo CEO Yang Yuanqinq. "Not only did we strengthen our leading position in PCs, but we gained three points in tablets by quadrupling sales volume and became the fastest growing major smartphone company in the world."