Q1Earnings
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Lenovo nearly doubles net profits in Q1 earnings report, not so certain about 'mainstream' Ultrabooks by end of year
Lenovo's enjoying a bright and sunny Thursday in Hong Kong today, where the company has just unveiled a Q1 2011 / 2012 earnings report that's full of rosy news. According to the report, Lenovo's revenues jumped to $5.92 billion during the fiscal quarter, representing a 15 percent increase over last year's figures, while net profits nearly doubled to $108 million (compared to $54.9 million last year). Global PC sales, meanwhile, nudged upward 23 percent -- even at a time when most other manufacturers are seeing relatively sluggish growth. During an earnings conference call this morning, COO Rory Read provided a little insight into his company's approach to the growing Ultrabook sector, while hinting at future price reductions. Speaking to reporters, Reed assured that Lenovo would "invest in innovation to be a leader" in the Ultrabook market, adding that prices for its MacBook Air competitors may reach "mainstream" (sub-$1,000) levels by 2012: "I wouldn't say by the end of the year necessarily but...that's definitely going to happen." Head past the break for Lenovo's financial summary, along with the full PR. [Original photo by Cory Grenier]
Verizon reports 'strong' Q1 earnings: $27 billion revenue, 2.2 million iPhone activations
Yesterday was AT&T's turn, and today it's Verizon revealing its earnings for the first quarter of 2011. The company has reported $27 billion in consolidated revenue from its wireless and wireline businesses, which is up 5.3 percent year over year (on a non-GAAP basis), while profits rose to $1.4 billion. Fueling that growth was 1.8 million net additions to its wireless customer base, which now totals 88.4 million customers (and 104 million connections). It also saw 207,000 net additions to its FiOS internet business and 192,000 net additions to FiOS TV, which bring those total customer bases to 4.3 million and 3.7 million, respectively. As for that little iPhone 4 launch, Verizon says it's resulted in 2.2 million activations -- that's quite a bit less that AT&T's 3.6 million iPhone activations for the same quarter, as you've no doubt noticed, although it does also have the benefit of a much cheaper iPhone 3GS in addition to the iPhone 4. Verizon also said that demand was "strong" for its new LTE devices (including 260,000 HTC Thunderbolt activations), and that deployment of its LTE network remains on track, with it expected to be available in more than 175 markets by the end of the year -- in fact, that's actually up a bit from the 147 figure we last heard. Head on past the break for the company's full earnings report.
Reminder: Q1-2009 conference call liveblog, today at 5 p.m. ET
Just a reminder: Be sure to come back today at 5 p.m. Eastern (that's 2 p.m. Pacific) for Apple's First Quarter 2009 Results Conference Call. We'll be liveblogging the occasion, with contributions from your favorite TUAW bloggers, and yours truly. Apple is streaming audio from the call here. A recording of the call will be available at that page for a few weeks afterward. Fortune's Apple 2.0 blog has its roundup of projected Q1 sales numbers from Bernstein Research's Toni Sacconaghi and Piper Jaffray's Gene Munster: Mac sales. Munster: 2.5 million to 2.6 million. Sacconaghi: 2.57 million. iPod sales. Munster: 18.6 million. Sacconaghi: 18.1 million. iPhone sales: Munster: 6.4 million. Sacconaghi: 3.5 million to 4 million. In related news, AAPL hit a two-year low yesterday, closing at its nadir of $78.20 per share. Also, Bloomberg is reporting that the U.S. Securities and Exchange Commission will review Apple's 10-K filing from last year. Apple hasn't been accused of any wrongdoing, but Bloomberg says the SEC wants to make sure investors weren't being misled about Steve Jobs' health. (Via Macworld.) More coverage of the earnings report is available at our sister site Blogging Stocks.
