Lenovo profit beats estimates

Lenovo Group Ltd saw a 64-percent jump in its net profit in the quarter ended June, beating analysts' estimates, as the Chinese tech giant benefited from the better-than-expected global PC market and a one-off asset sale that helped offset its declining smartphone business.

The Hong Kong-listed company said on Thursday that its net profit hit $173 million in the quarter, outperforming the $130.1-million average analysts estimated, who were polled by Thomson Reuters.

The profit was boosted by a $132 million gain from the sale of a Beijing office property.