Weak smartphone demand hurts Lenovo

Slowing smartphone demand in China is weighing on Lenovo Group Ltd's sales as the company sprints to catch up with Apple Inc and Samsung Electronics Co Ltd in the handset segment.

On Thursday, Lenovo reported third-quarter revenue growth that fell below market expectations, sending down its share prices and clouding expectations for the future profitability of the world's largest personal computer maker.

Global revenue was up 7.2 percent to $10.5 billion, the smallest increase in at least six quarters.