LNVGY Lenovo Group Ltd (PK)

By Yifan Wang

Lenovo Group Ltd. (0992.HK) said it may increase the retail prices of its products to absorb U.S. tariffs. Shares fell to a two-month low.

Retail prices of products such as personal computers and smartphones "will be increased if tariffs increase," Yang Yuanqing, Lenovo's Chief Executive, said in an earnings call. The cost of manufacturing would increase even if the products were made in another country, he said.

So far, the company has seen "negligible material impact" from global trade tensions, the company said in a statement accompanying its June quarter results.

Lenovo reported better-than-expected earnings for the first quarter this morning, with net profit more than doubling and revenue rising 5%.

Still, shares closed 6.0% lower at HK$5.64.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

August 15, 2019 07:19 ET (11:19 GMT)

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