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Lenovo annual profit up 1%, misses forecasts on deals

Lenovo LaVie Z laptop
Source: Lenovo
Lenovo LaVie Z laptop

Lenovo Group, the world's leading PC maker, said on Thursday its annual net profit rose one percent to $829 million, below analysts expectations, after completing two major acquisitions.

Analysts had forecast a net profit of $857 million.

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Revenue during the 2014/15 financial year to March 31 also rose 20 percent to $46.3 billion. In the fourth-quarter, revenue rose 21 percent to $11.3 billion, slightly lower than expectations of $11.98 billion, according to Thomson Reuters SmartEstimate.

In October, the Beijing-based firm closed its $2.1 billion acquisition of IBM's low-end server unit and also its $2.9 billion purchase of Motorola. It has also been expanding into enterprise computing and consumer smartphones in anticipation of a long-term decline in PC sales.