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Lenovo Plays Down Trade War As Profits Surge

Chinese computing giant Lenovo has sought to provide comfort to investors fretting over trade wars by reporting a huge boost in profit.

Strong PC sales are behind the growth according to Reuters,¬†which pushed the company’s quarterly profits to $118 million, far exceeding analyst expectations.

Despite the profit boost and Lenovo’s assurance it will remain unaffected by the US clampdown on Huawei, share prices are continuing their downward trend, closing yesterday at $5.88, well down from $7.36 a month ago.

Investors have reportedly been dumping shares in Asian tech companies amid continuing skirmishes between the US and China over trade tariffs.

Strong PC sales have helped boost profits for Lenovo.

Lenovo said most of its products are not subject to the new tariffs.

Lenovo has headquarters in the US and China and its CEO Yang Yuanqin told Reuters he would like to see the two governments come to an agreement as quickly as possible.

Lenovo reportedly has contingency plans to move production out of China, but is yet to act on them.

Lenovo Australia has announced an end of financial year sale with up to 45% off a number of laptops including the Ideapad 330, X1 Yoga Gen 2, and X1 Carbon Gen 5.

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