Lenovo Says ‘Hypergrowth’ in China Smartphones Ending
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Lenovo Group Ltd. said the era of “hypergrowth” is over in China’s smartphone market after the company reported its slowest sales growth in six quarters.
Shares fell to their lowest since June 24 on an intraday basis after Lenovo’s revenue rose 7.2 percent in the three months ended September, the smallest increase since March 2013 and missing analysts’ estimates. Lenovo is the biggest decliner today on Hong Kong’s benchmark Hang Seng Index.