Lenovo reported a net profit of $110.49 million for its quarter ending in June, which is an increase over its profit of $66.84 million reported for the same period last year. 

As a result, Lenovo’s shares rose nearly 4 percent after its profit rise of 65 percent. Lenovo Group Ltd. is China’s largest manufacturer of personal computers and the world’s four-largest PC manufacturer.

Lenovo beat the forecasts of four analysts that predicted profit of $107.47 million. Lenovo's competition includes Hewlett-Packard, Dell and Acer. Analysts indicated that Lenovo should do better than its rivals because of its huge market share in China.