Lenovo is set to challenge Apple and Samsung in the smartphone market. These companies are currently dominating it with its iPhones and Galaxys respectively.
The Beijing-based company recorded huge profits in its third fiscal quarter and it wants to ride on the momentum to take on the giants of the industry. In the quarter ending in December 2012, Lenovo registered a net profit of over $200 million, while the gross profit reached over $1 billion.
In an attempt to take on Apple and Samsung and increase its penetration in the smartphone market, Lenovo might join hands with other companies or acquire some in near future. In a story published by China Daily, Lenovo’s CEO Yang Yuanqing said of the company’s plans, via Forbes:
“The most important strategy for Lenovo is to further explore mobile devices where Apple and Samsung dominate the market.”
Recently, many rumours did the rounds with respect to Lenovo’s interest in buying out BlackBerry 10’s operating system, but nothing concrete has been developed as yet. Also, the BlackBerry management itself seems very much confident of receiving positive response from the market for its latest smartphones, Z10 and Q10. The success of these companies alone cannot hurt Apple and Samsung, but collectively they might be able to steal some share from them. Still, they will not be able to totally, or even partially, dominate the market.
The global smartphone industry certainly presents a window of opportunity for Lenovo that is popular mostly in China at present. In order to compete and beat Apple and Samsung, Lenovo must come with something entirely different. Otherwise, it will just be an addition of another product in the ever-growing smartphone industry.
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