Lenovo nearly doubles net profits in Q1 earnings report, not so certain about 'mainstream' Ultrabooks by end of year

Lenovo's enjoying a bright and sunny Thursday in Hong Kong today, where the company has just unveiled a Q1 2011 / 2012 earnings report that's full of rosy news. According to the report, Lenovo's revenues jumped to $5.92 billion during the fiscal quarter, representing a 15 percent increase over last year's figures, while net profits nearly doubled to $108 million (compared to $54.9 million last year). Global PC sales, meanwhile, nudged upward 23 percent -- even at a time when most other manufacturers are seeing relatively sluggish growth. During an earnings conference call this morning, COO Rory Read provided a little insight into his company's approach to the growing Ultrabook sector, while hinting at future price reductions. Speaking to reporters, Reed assured that Lenovo would "invest in innovation to be a leader" in the Ultrabook market, adding that prices for its MacBook Air competitors may reach "mainstream" (sub-$1,000) levels by 2012: "I wouldn't say by the end of the year necessarily but...that's definitely going to happen." Head past the break for Lenovo's financial summary, along with the full PR.

[Original photo by Cory Grenier]