TD Synnex Corp (NYSE:SNX) stock rose 0.78% (As on March 29, 11:17:08 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 23. Americas Revenue was $8.6 billion, a decrease of 4.8% compared to the prior fiscal first quarter. On a constant currency basis, revenue decreased 4.2% compared to the prior fiscal first quarter. Europe Revenue was $5.5 billion, a decrease of 1.1% compared to the prior fiscal first quarter. On a constant currency basis, revenue increased 5.1% compared to the prior fiscal first quarter. Asia-Pacific and Japan Revenue was $966 million, an increase of 18.4% compared to the prior fiscal first quarter. On a constant currency basis, revenue increased 25.8% compared to the prior fiscal first quarter. Non-GAAP gross billings were $20.2 billion, compared to $20.1 billion in the prior fiscal first quarter. Non-GAAP operating income was $443 million, compared to $432 million in the prior fiscal first quarter. Non-GAAP operating margin expansion was driven by mix shift to high-growth technologies and synergy execution. Cash used in operations was approximately $103 million for the quarter, due to seasonal working capital trends.

SNX in the first quarter of FY 23 has reported the adjusted earnings per share of $2.93, beating the analysts’ estimates for the adjusted earnings per share of $2.85. The company had reported 2 percent fall in the adjusted revenue to $15.13 billion in the first quarter of FY 23, missing the analysts’ estimates for revenue of $15.72 billion. On a constant currency basis, revenue increased by 0.7% compared to the prior fiscal first quarter. Revenue growth in constant currency was driven primarily by the Advanced Solutions portfolio and high-growth technologies, partially offset by a decline in the Endpoint Solutions portfolio. The shift in product mix resulted in the presentation of incremental revenues on a net basis, which negatively impacted the revenue growth by approximately 3%

Looking ahead, the IT company said it expects Q2 adjusted EPS of $2.25 to $2.75 on revenue of $14 billion to $15 billion. Analysts are expecting $2.82 per share on $15.68 billion in revenue. Non-GAAP gross billings are expected to be in the range of $18.7 billion to $20.0 billion, compared to $19.7 billion in the prior fiscal second quarter.

The board has maintained a quarterly cash dividend of $0.35 per share, payable on April 28 to shareholders of record April 14.