Yang Yuanqing, chairman and chief executive officer of Lenovo Group, revealed that in the third quarter of 2012, their smartphone shipments reached seven million units, increasing by 18 times compared with the same period of last year.

During that period, the company gained a 14% market share, ranking second in the Chinese smartphone market. The South Korean company Samsung topped the market with a 15% market share.

According to the latest financial report published by Lenovo, during the three months ended September 30, 2012, Lenovo's revenue from the mobile Internet and digital home unit reached USD700 million, accounting for 8% of its total revenue. Apart from the good performance of mobile phone sector, the sales of Lenovo's tablet products increased by 166% year-on-year. For the first half of 2012, the company's revenue from mobile Internet and digital home unit reached USD1.305 billion, a year-on-year increase of 163%.

For market expansion, Lenovo already started tapping the overseas smartphone market. So far, its smartphone products have been launched in Indonesia, the Philippines, and Vietnam.

Huang Weiming, chief financial officer of Lenovo, said that the profit capacity of the mobile Internet and digital home unit was improving. The business unit will provide more revenue support to the company in the future.

During the conference call for the second quarter of 2012, Lenovo also announced that its mobile phone shipments had exceeded its PC shipments. The company said its goal for 2012 was to complete shipments of 20 million mobile phones.