Lenovo saw its third-quarter revenue rose 31 percent to $14.1 billion as mobile division sales from Motorola poured into its coffers. The results beat expectations of $13.71 billion in revenue and $200 million in net profit.

Lenovo wrote a cheque for $2.91 billion for Motorola as part of an effort to diversify away from the shrinking PC market.

These results took into account two months of Motorola's performance and Lenovo said Motorola sold more than 10 million handsets during the quarter for the first time.

Total sales from the mobile division leapt 109 percent to $3.39 billion, or a quarter of the company's sales.

Lenovo said net profit was $253 million, down from $265 million a year prior due to ballooning expenses associated with closing two major acquisitions. This was also the period that Lenovo acquired IBM's low-end server unit for $2.1 billion.

In PCs, Lenovo reached a record 20 percent share during the quarter with sales of $9.15 billion. Shipments rose 5 percent compared with a 3 percent decline in the broader industry, with growth particularly strong in Eastern Europe.