UPDATE: Tech Data Reports Downbeat Q3 Results

Tech Data Corp (NASDAQ: TECD) reported downbeat third-quarter results and issued a weak Q4 forecast.

Tech Data's quarterly earnings rose to $53.5 million, or $1.26 per share, from $50.5 million, or $1.07 per share, in the year-earlier period. Its revenue gained 7% to $6.59 billion. However, analysts were expecting earnings of $1.27 per share on revenue of $6.74 billion.

Tech Data shares fell 1.56% to close at $47.90 on Friday.