Shares of Tech Data Corp (NASDAQ:TECD) celebrated higher profit in start but as the time passed investors weighed more on sales drop but at last won to close up. The IT products distributor reported first quarter earnings attributable to the company of $51.69 million or $1.24 per share higher compared with $48.7 million or $1.03 per share a year ago.
Analysts surveyed by Thomson Reuters had mean expectation for the company to report earnings of $1.16 per share. Net sales for the quarter fell to $5.9 billion as compared to $6.33 billion in the prior-year quarter. Analysts were predicting sales of $6.18 billion. The company said the deteriorating of certain foreign currencies versus the U.S. dollar had a negative impact on the year-over-year net sales comparison by approximately 4 percentage points… Read more