UPDATE: Tech Data Posts Upbeat Q1 Profit
Tech Data Corp (NASDAQ: TECD) reported better-than-expected first-quarter profit.
Tech Data's quarterly revenue declined 7% to $5.89 billion. However, analysts were expecting revenue of $6.18 billion.
Revenue from Europe dropped 7% to $3.4 billion, while revenue from the United States fell 6% to $2.5 billion.
Net income attributable to Tech Data shareholders climbed to $51.7 million, or $1.24 per share, versus $48.7 million, or $1.03 per share, in the year-earlier period. However, analysts were expecting earnings of $1.16 per share.
Tech Data shares closed at $47.46 on Friday.
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