Lenovo's December quarter profit misses estimates

Lenovo Group Ltd's December quarter earnings missed projections as the world's biggest personal computer maker continued its struggle to reboot a floundering PC and smartphone business.

Net income fell 67 percent to $98 million in the quarter that ended December, Lenovo said in a statement.

That compares with the $145.9-million average of analysts' estimates. Revenue was down 6 percent to $12.2 billion compared with estimates for $11.7 billion. The Chinese company warned on Thursday that its market would remain challenging because of macroeconomic uncertainty and rising component prices.