Lenovo drops 6% after profit miss amid prolonged PC downturn

Lenovo fended off HP to keep the top position in global PCs during the past quarter but also saw shipments shrink 18.4%

The world’s biggest PC maker reported net income fell 66% to $176.5m (€161.7m)

Lenovo Group profit missed estimates for a second straight quarter after the global PC market slid deeper into a demand slump.

The world’s biggest PC maker reported net income fell 66% to $176.5m (€161.7m) in the three months ended June, compared with the average analyst estimate of $235m (€215m). Revenue also declined and didn’t meet consensus expectations, at $12.9 billion, according to a company filing on Thursday.