Tablet and smartphone sales fueled Lenovo's 23% jump in net profits during the first quarter. The Chinese PC-maker also posted a 10% increase in revenue despite a drop in its overall PC sales. Still, the company commands 42% of the PC market in China and remains the second-largest smartphone vendor there behind Samsung. "We are still trying to strengthen our market position and become a market leader in China, so we continue to invest on branding, sales channels and product development," said Lenovo's CEO Yang Yuanqing, who adds that the company's smartphone "business is still in the development phase."

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