Lenovo had another successful showing during the three months ended September 30, 2012. The Chinese computer vendor reported a 12.6% rise in net profit to $162 million during its second fiscal quarter, on revenue of $8.67 billion. Worldwide PC shipments rose 10.3%, outpacing its rivals for the 14th consecutive quarter in a row as well as the overall industry, which fell more than 8% during the period.

The Thinkpad maker has successfully been grabbing market share from rivals such as Dell and and Acer over the past three years. In fact, according to Gartner's estimates they've already overtaken HP as the world's largest computer vendor, while IDC ranks it a close second but on track to take the top spot soon.

Despite this, profit growth is slower than previous quarters, mostly due to stagnating sales of traditional PCs. As a result the company is pinning future growth hopes on smartphones and tablets as well as smart TVs.

During the quarter, notebooks and Desktop PCs still accounted for a majority of Lenovo's revenue at 53.2% and 32.1%, respectively. But the company is also seeing growth in the mobile arena, with its Mobile Internet Digital Home (MIDH) seeing consolidated sales of $718 million, a 155% increase year-over-year. That's a drop in the bucked compared to Apple or Samsung but at least the company can claim it's the second largest seller of smartphones in its home country China – ahead of Cupertino for now.

Going forward, many in the industry are expecting (or hoping) to see a boost in sales following the launch of Windows 8, and as such Lenovo recently launched a number of products that take advantage of the operating system's touch capabilities, including the ThinkPad Tablet 2 and 11- and 13-inch IdeaPad Yoga. As far as smartphones and tablets are concerned, the plan is to expand to emerging markets first, then mature markets.