Lenovo’s PC business has bucked the trend once again, recording positive growth over the last quarter in spite of a record breaking slump in PC sales over the same period. The Chinese PC maker saw quarterly shipments of its computers rise by 0.4% year-on-year, a stark contrast to the rest of the industry which saw sales slump by almost 14% over the same period. Lenovo also recorded solid year-on-year growth with sales rising by 10% compared to an 8% industry-wide decrease.

All in all Lenovo’s impressive performance in the PC market, together with growth in other areas like tablets and smartphones, helped it to achieve 4% growth in revenues plus a 90% rise in net profits year-on-year.

Lenovo’s success can in part be attributed to its somewhat aggressive acquisition strategy of late, which is in contrast to many other tech firms that are tightening their belts. The firm has spent heavily to bolster its PC business, snapping up distributors such as the German electronics manufacturer Medion in 2011 and Brazil-based CCE last year, helping it to secure a large market share in both countries. Lenovo also benefits from a strong presence in its home market China, where many consumers are still buying PCs for the first time.

Separately, market leader HP surpassed analysts expectations with its second quarter 2013 earnings reports, although its PC sales are still headed in the wrong direction. HP’s notebook shipments fell by 24% compared to the same period last year, while desktops fell by 18%. All in all, HP’s total revenues slipped by a worrying 20% year-on-year – something it’s consumer division will undoubtedly be blamed for after its revenues fall by a whopping 29%.

HP’s results were pretty poor but it still manages to retain its lead over Lenovo in terms of overall PC shipments. The latest figures from IDC, which are cited by Lenovo in its earnings report, show that HP commanded 15.7% of the global PC market last quarter, with Lenovo still trailing in second place on 15.3%. Even so, it’s pretty much a given that the Chinese firm will overtake HP soon – one year ago HP controlled 17.8% of the PC market compared to Lenovo’s 13.2%, figures which illustrate just how rapidly HP’s lead is being eroded.