Lenovo third quarter net profit jumps 29%, beats estimates

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China's Lenovo Group, the world's biggest maker of personal computers, said third-quarter net income rose 29 percent from a year earlier, beating estimates as sales grew in both its PC and smartphone businesses.

Lenovo reported net income for the period grew to $265.3 million from $204.9 million a year earlier, well above a $247.2 million consensus forecast on Thomson Reuters Starmine SmartEstimate.

As the global market for PCs shrinks, Lenovo is aggressively pushing into smartphones and servers. Last month it agreed to buy Google Inc's Motorola phone business for $2.9 billion, while acquiring IBM's low-end server unit for $2.3 billion.