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Synnex (SNX) reported earnings 30 days ago. What's next for the stock?
TD SYNNEX's (SNX) wholly owned subsidiary, Hyve Solutions Corporation, unveils its Hercules 9120 ultra-high-density mass storage platform, which contains 768 hard drives per rack.
Meta Platforms selects TD SYNNEX (SNX) as the exclusive North American distributor for its recently launched new suite of business products, including Meta Quest 3 and other generative AI products.
While the weak demand for Endpoint Solutions hurts TD SYNNEX's (SNX) Q3 top line, lower revenues and higher interest rates weigh on the bottom line.
TD Synnex Corporation (NYSE:SNX ) Q3 2023 Earnings Conference Call September 26, 2023 9:00 AM ET Company Participants Rich Hume - Chief Executive Officer Marshall Witt - Chief Financial Officer Liz Morali - Head of Investor Relations Conference Call Participants Ananda Baruah - Loop Capital Michael Ng - Goldman Sachs Adam Tindle - Raymond James Keith Housum - Northcoast Research Joseph Cardoso - JP Morgan Matt Sheerin - Stifel Ruplu Bhattacharya - Bank of America George Wang - Barclays Patrick Jackson - RBC Capital Markets Operator Good morning. My name is Jael and I will be your conference operator today.
TD Synnex has reported a decline in third-quarter revenue as spending on new computers tails off following the COVID-19 pandemic. The IT services company's shares fell 4.2% to $97.60 by midday in New York.
Synnex (SNX) came out with quarterly earnings of $2.78 per share, beating the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.74 per share a year ago.
U.S. stocks have rallied since the start of the year thanks to the significant performance of large tech stocks that dabble in Artificial Intelligence (AI). Big-cap tech companies have pushed the market to bullish territory while their prices reach new heights.
While the weak demand for Endpoint Solutions hurts TD SYNNEX's (SNX) Q2 top line, lower revenues and higher interest rates weigh on the bottom line.
TD SYNNEX's (SNX) Q2 performance is likely to have witnessed the negative impacts of a soft IT spending environment due to global recession concerns, unfavorable currency exchange rates and higher interest rates.