CDW Corp Stock Price, News & Analysis

CDW Corporation (Nasdaq: CDW), a prominent provider of IT solutions, has released preliminary results for Q1 2023, ending March 31. The quarter experienced economic uncertainty, leading to cautious spending from customers. Net sales reached approximately $5.1 billion, but performance fell short of expectations, especially in sales to large commercial clients and transactional products. While solutions showed more resilience, they too did not meet anticipated benchmarks. Consequently, CDW predicts a high single-digit decline in the US IT market for 2023. Nonetheless, the company aims for net sales growth that outpaces market declines by 200 to 300 basis points. Cash flow was strong, allowing CDW to return about $280 million to shareholders through dividends and share buybacks, despite anticipating non-GAAP earnings per share to be below that of full-year 2022.

CDW Canada has released its latest findings from the 2023 Penetration Testing Survey, conducted among 500 IT decision-makers in Canada, highlighting the pressing need for robust cybersecurity measures.

Notably, over one-in-three (36%) organizations reported a security breach in the past year. A significant portion (80%) stemmed from external sources, while 61% were internal breaches, underscoring the importance of employee training in security best practices.

The survey identified that ransomware attacks (34%), business email compromises (34%), and phishing attacks (33%) were the most prevalent breaches. Additionally, over half (54%) of IT professionals indicated that the shift to remote or hybrid work has exacerbated security risks.

CDW Canada emphasizes the necessity of penetration testing as a strategy to mitigate these vulnerabilities effectively.

CDW Corporation (Nasdaq: CDW) announces the retirement of board member Paul J. Finnegan, effective before the 2023 annual meeting of stockholders. Finnegan has served on the board for 12 years, contributing invaluable insights during significant industry changes and strategic acquisitions. The company expresses gratitude for his service and leadership in fostering a strong CDW culture. Finnegan reflected on the company's evolution and future growth opportunities, highlighting CDW's solid positioning for continued success.