Lenovo profit beats estimates despite lockdown-hit demand

Beijing has ordered central government agencies and state-owned enterprises to scrap foreign-branded PCs for local names in the next two years

Lenovo held on to its top spot in the worldwide PC market in the first quarter with almost 23% market share.

The company behind Lenovo laptops saw its profit beat market estimates after the world’s biggest personal computer maker widened its lead over long-time rival HP Inc.

Net income of the Chinese PC giant jumped 58% to $412m (€384m) in the first three months of the year, a company filing shows, higher than analysts’ average estimate of $354m.