Lenovo Q4 Net Profit Slides

China's

reported a 36.7 percent drop in its its net profit for the fourth quarter. Lenovo's quarterly net profit slipped to $100 million, versus a year-ago profit of $158 million. Earnings per share dropped to $0.90 from $1.51 last year. Its revenue surged 20.7 percent to $11.3 billion. For the fiscal year, the company's board declared a final dividend of 2.64 US cents per share. "In view of the opportunities and challenges of the new Internet+ era, we are ready to transform ourselves from making mostly hardware to a combination of hardware and software services," Yang Yuanqing, Lenovo Chairman and CEO, said Lenovo shares rose 0.23 percent to close at $34.48 yesterday.