Distributor Arrow has seen a double-digit drop in its European enterprise computing sales.
Driven by a 16 percent hike in component sales, the NYSE-listed outfit’s revenues rose eight percent annually to $6.47 billion in the three months ending 1 July 2017.
Q2 net profit hit $100 million, down on the $134 million recorded a year earlier, although adjusted for certain items the figure rose marginally to $160 million.
It was not completely bleak. The company had hit the high end of its quarterly guidance but Arrow’s Enterprise Computing Solutions (ECS) arm’s sales continue to head south, falling six percent to $2 billion globally. Its operating profit fell by two percent.
In Europe, ECS’ sales slumped by 10.9 percent to $720.3 million. In local currencies, European ECS sales fell 7.3 percent to $641.7 million.
Arrow CEO Michael Long said: “Our industry-leading infrastructure software and cloud portfolio produced strong growth again this quarter, but were offset by declines in legacy hardware.”
