TD Synnex Corp (NYSE:SNX) stock fell 1.87% (As on June 28, 11:03:16 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the second quarter of FY 23. Non-GAAP gross billings of $18.7 billion, down 4.9% from the prior fiscal second quarter. The company delivered non-GAAP operating income of $376 million, down 5.6% from the prior fiscal second quarter. Cash provided by operations was $708 million for the quarter. The company had returned $93 million to shareholders via repurchases of our common stock of $60 million and dividends of $33 million.

SNX in the second quarter of FY 23 has reported the adjusted earnings per share of $2.43, missing the analysts’ estimates for the adjusted earnings per share of $2.50, according to the Zacks Consensus Estimate. The company had reported 7.9 percent fall in the adjusted revenue to $14.06 billion in the second quarter of FY 23, missing the analysts’ estimates for revenue by 2.13%. The revenue change was driven primarily by a decline in the Endpoint Solutions portfolio as the industry continued to see post-pandemic declines in demand for PC ecosystem products. This was partially offset by growth in the Advanced Solutions portfolio and high-growth technologies, with demand driven by cloud and data center-related technologies. The shift in product mix resulted in a greater percent of the revenues being presented on a net basis, which negatively impacted the revenue compared to the prior fiscal second quarter by approximately 3%. Americas Revenue was $8.7 billion, a decrease of 11.0% compared to the prior fiscal second quarter. On a constant currency basis, revenue decreased 10.3% compared to the prior fiscal second quarter. Europe Revenue was $4.5 billion, a decrease of 4.1% compared to the prior fiscal second quarter. On a constant currency basis, revenue decreased 3.5% compared to the prior fiscal second quarter. Asia-Pacific and Japan Revenue was $901 million, an increase of 7.3% compared to the prior fiscal second quarter. On a constant currency basis, revenue increased 11.7% compared to the prior fiscal second quarter.

For the third quarter of 2023, Revenue is expected to be in the range of $13.5 billion to $14.5 billion, compared to $15.4 billion in the prior fiscal third quarter, Non-GAAP gross billings are expected to be in the range of $18.0 billion to $19.3 billion, compared to $20.0 billion in the prior fiscal third quarter.