China-based PC maker that for the quarter ended March 31, it generated a profit of US$129 million on revenue of $16.6 billion, compared to a loss of $226 million on revenue of $14.9 billion a year earlier.

Lenovo's positive results came in the wake of several reports from Gartner that indicated the hardware market is in a strong recovery. Gartner on Wednesday said it expects global PC shipments to rise 22 percent this year to 376.6 million units. Spending on PCs will increase 12 percent to hit $245.4 billion, .

On Tuesday for the first quarter increased 6 percent from a year earlier, to $10.8 billion, while unit shipments jumped 23 percent to 2.1 million.

"We've seen a return to growth on a worldwide level," said Jeffrey Hewitt, research vice president at Gartner, in the report.

With European leaders setting aside funds to ease the financial crisis in Greece, Spain and Portugal, and major debt holders remaining steadfast, IT investors may calm down to the point where they can let the recovery in tech sales give them hope for the future.