UPDATE: Synnex Posts 10% Drop In Q3 Profit, Issues Downbeat Q4 Forecast

Synnex

reported a 10% drop in its fiscal third-quarter net income. Synnex's quarterly earnings dropped to $35.1 million, or $0.93 per share, from $39 million, or $1.07 per share, in the year-ago quarter. Its revenue rose to $2.58 billion from $2.57 billion. However, analysts were projecting earnings of $0.93 per share on revenue of $2.59 billion. Synnex expects Q4 earnings of $1.02 to $1.06 per share on revenue of $2.71 billion to $2.81 billion. However, analysts were expecting earnings of $1.16 per share on revenue of $2.86 billion. Synnex shares fell 3.65% to $33.00 in after-hours trading.