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Lenovo Group profit misses consensus by 16.5% in fiscal Q3

Lenovo Group Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS increased 22.0% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $206.4 million, a gain of 23.1% from $167.7 million in the prior-year period.

The normalized profit margin increased to 1.6% from 1.2% in the year-earlier period.

Total revenue declined 8.4% on an annual basis to $12.91 billion from $14.09 billion, and total operating expenses fell 9.0% on an annual basis to $12.53 billion from $13.77 billion.

Reported net income grew 18.5% year over year to $300.4 million, or 3 cents per share, from $253.6 million, or 2 cents per share.