TD SYNNEX has seen a reduction in its third quarter 2023 numbers, with revenues falling 9.1 per cent to $14 billion, compared to $15.4 billion.
The company blamed weak performance in its endpoint solutions business due to post-pandemic declines in the PC market.
Net income shrank 6.4 per cent to $139.3 million.
TD SYNNEX said the slump was partially offset by growth in its advanced solutions arm.
TD SYNNEX CEO Rich Hume said that the company’s results demonstrated the momentum in its strategic goal to expand in high growth technologies, with robust margin expansion in the Americas and strong EPS generation.
“Our expansive portfolio of products, solutions, and services, along with a relentless focus on execution allowed us to successfully navigate the post-Covid IT spending environment, while our resilient business model enabled us to generate over $500 million in cash from operations, equipping us to increase capital returned to shareholders via share repurchases,” he added.
Revenue in Europe was down 9.7 per cent to $4.2 billion, while figures fell by double digits across the pond by 10.3 per cent to $8.9 billion.
TD SYNNEX forecasts fourth quarter revenues to come in between $14 – $15 billion. Net income is expected in the range of $116 – $162 million.
