Summary Box: Lenovo 3Q profit up, warns on disks

The Associated Press
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People take escalators bearing advertisement of Lenovo computer at a shopping center in Hong Kong Thursday, Feb. 9, 2012. Lenovo Group Ltd., the world's second biggest personal computer maker, said Thursday that quarterly profit grew by more than half but warned hard drive costs would remain high amid a global shortage. (AP Photo/Kin Cheung)

GOOD AND BAD NEWS: Computer maker Lenovo Group Ltd. says quarterly profit grew by more than half, but it expects hard disk drive costs to remain high amid a global shortage.

WHAT'S BEHIND THAT: Flooding in Thailand last year disrupted manufacturing of hard drives.

THE FUTURE: The company said it's confident of closing in on the top spot in PC sales as it reported strong sales growth across all major markets even as it focuses more attention on the burgeoning smartphone and mobile Internet market. The top spot now belongs to Hewlett-Packard Co.