Lenovo shares up on impressive results
Lenovo smashed expectations with its first-quarter earnings, up 64 percent to $173 million.
“Strong profits” were achieved amidst a challenging environment, which has seen other tech firms struggle. Lenovo chairman and CEO Yuanqing Yang said in a statement:
“Our PC business delivered strong profits and our smartphone business stabilised compared to last quarter.
“we significantly improved our profit year-on-year through innovative products and strong execution.”
However, a decline in Chinese currency took its took on revenue, which fell 6 percent.
Lenovo shares rose 2.24 percent to 5.47 (1045GMT).
Penfold and Wolf Blas shares soar on strong results
Australian wine makers Penfold and Wolf Bas saw profits soar, despite lower economic growth in Asia.
Its lower priced bottles stand out in Australia, where tax on alcohol is high. Their market is largely millennial drinkers, who chief executive Michael Clarke calls “a very good target for us”.
“We are finding is that a lot of those consumers are moving away from other beverages like beer, spirits and baijiu in China and moving to wine,” he continued.
Shares in the company soared on the news, pushing its total rise this year to 28 percent.
Nestle hampered by slowing sales
Global food giant Nestle saw sales growth slow over the first half of the year, missing its long term growth target and reporting a fall in profit.
First half sales volumes rose 2.7 percent in the second quarter, down from 3 percent in the first quarter. However, the company are expecting sales to pick up in the second half of the year:
“We also expect pricing, which reached historically low levels in the first half, to recover somewhat in the coming months,” commented CEO Paul Bulke.