[http://www.blogcdn.com/www.engadget.com/media/2011/08/lenovo-money.jpg](http://www.engadget.com/2011/08/18/lenovos-net-profits-nearly-double-in-q1-earnings-report-sub-1/)
[Lenovo](http://www.engadget.com/tag/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](http://www.engadget.com/2010/08/20/lenovo-sees-54-9-billion-net-profit-in-q1-earnings-hits-double/), 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](http://www.engadget.com/2011/07/14/idc-and-gartner-us-pc-sales-still-sluggish-apple-toshiba-see/). During an earnings conference call this morning, COO Rory Read provided a little insight into his company's approach to the growing [Ultrabook](http://www.engadget.com/tag/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](http://www.engadget.com/2011/07/25/macbook-air-review-mid-2011/) 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](http://www.flickr.com/photos/26087974@N05/5393077367/)]
Continue reading Lenovo’s net profits nearly double in Q1 earnings report, sub-$1,000 Ultrabooks coming soon?
Lenovo’s net profits nearly double in Q1 earnings report, sub-$1,000 Ultrabooks coming soon? originally appeared on Engadget on Thu, 18 Aug 2011 05:14:00 EDT. Please see our terms for use of feeds.
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