Lenovo: It’s In Morrisville

Morrisville, NC – It’s not often that we get to set Bloomberg straight. On Thursday, they reported that Lenovo turned in a brilliant quarter. Unfortunately, they said the company’s North American headquarters was in Raleigh.

Profits Swell

Bloomberg’s Mike Lee reports:

Lenovo Group Ltd. (992), China’s biggest maker of personal computers, reported fourth-quarter profit tripled, beating analysts’ estimates, after increasing sales to businesses in the U.S. and Europe.

Net income climbed to $42 million in the three months ended March 31, from $13 million a year earlier, Lenovo said today in a statement. That exceeded the $38.4 million average of six analyst estimates compiled by Bloomberg. Revenue rose 13 percent to $4.88 billion, it said.

Geography Challenges

About halfway down the story, the challenges of Southern geography become overwhelming:

Industry leader Hewlett-Packard accounted for 17.6 percent of the global PC market last quarter, declining from 18 percent a year earlier, according to research company Gartner Inc. Lenovo, the fourth-biggest, increased its market share to 9.7 percent from 8.2 percent, while Taipei-based Acer dropped to 12.9 percent from 14.6 percent, according to Gartner.

Lenovo, based in Raleigh, North Carolina, posted higher PC shipments in North America, Europe and Asia, Gartner said.

Lenovo, which began as Legend in Hong Kong in 1988, acquired IBM’s personal computer business, including the blockbuster ThinkPad, in 2005.

The company lists three principal operating offices on its website: Beijing, Singapore and Morrisville, NC. A “Research Center” is listed as “Raleigh,” but it’s at 1009 Think Place. That’s in Morrisville.

We’re just having fun with Bloomberg, an all-around stellar news source. Except in this case.