In its 2014 fiscal year ended in March, Hong Kong-listed Lenovo Group Ltd. shipped 50 million smartphones, and it is now the fastest growing smartphone maker in the world. And this is before its $2.9 billion acquisition of Motorola Mobility from Google Inc. (NASDAQ: GOOG) is completed.

According to Lenovo’s earnings report published Wednesday morning, the company remains the world’s number one maker of PCs, with market share of 17.7%, which is up 2.1% from a year ago, and up 5% in total sales in an industry that averaged a sales decline of 8%.

Worldwide smartphone shipments rose nearly 60%, and the company maintained its hold on second place behind Samsung Electronics in sales in China.

According to the latest data from International Data Corp. (IDC), Lenovo has passed LG to become the fourth largest smartphone vendor in the world, shipping 12.9 million units in the first calendar quarter of 2014. Samsung is the leading vendor, with 85 million units shipped, followed by Apple Inc. (NASDAQ: AAPL) with 43.7 million units and Huawei with 13.7 million units. The addition of Motorola’s smartphone business should push Lenovo into third place in worldwide sales.

In addition to its leading position in PCs and its improving position in smartphones, Lenovo also is acquiring the low-end server business from International Business Machines Corp. (NYSE: IBM) for $2.3 billion. The deal should make it through regulatory approvals more smoothly than the 2005 sale of IBM’s PC business to Lenovo.

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