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TD SYNNEX Corporation reports developments tied to its role as a global distributor and solutions aggregator for the IT ecosystem. The company’s distribution business spans IT hardware, software and systems across the Americas, Europe, and Asia-Pacific and Japan, while Hyve Solutions designs, manufactures and delivers traditional and accelerated compute, cloud and connected infrastructure worldwide.
Recurring news includes vendor awards and channel partnerships with major technology providers, expansion of AI infrastructure, cloud commerce, cybersecurity, secure networking and managed-service offerings, and partner enablement programs. Company updates also cover quarterly operating results, dividends, segment reporting and the performance of its global distribution and Hyve Solutions businesses.
TD SYNNEX (NYSE: SNX) reported fiscal Q1 2023 results with revenue of $15.1 billion, a 2.2% decrease year-over-year, though showing a 0.7% growth in constant currency. Non-GAAP gross billings rose to $20.2 billion, up 1%. Operating income increased by 34% to $298 million, while diluted EPS climbed 28% to $1.75. The company achieved $25 million in merger-related cost synergies. Cash used in operations was approximately $103 million, and $148 million was returned to shareholders through stock repurchases and dividends. Guidance for the second quarter remains positive despite some challenges.
TD SYNNEX (NYSE: SNX) recently launched a new Partner Directory aimed at enhancing collaboration among its ecosystem partners. Initially available to CommunitySolv members, the directory will later roll out to all North American partners. The platform facilitates peer-to-peer interactions, allowing partners to showcase their unique capabilities and certifications. Executives believe it will bolster competitive advantages and assist members in accessing new markets and forming beneficial connections. The announcement was made at the CommunitySolv Spring Conference in New Orleans.
TD SYNNEX (NYSE: SNX), a global IT distributor, has achieved AWS Premier Tier Services Partner status in the Amazon Web Services (AWS) Partner Network. This recognition affirms SYNNEX's commitment to building strong relationships and expertise in delivering cloud solutions. The rigorous approval process involved numerous accreditations, certifications, and significant investment in AWS. With this status, TD SYNNEX aims to enhance its strategic initiatives in cloud migrations and other areas, further reinforcing its capabilities and customer confidence in the cloud services space. This achievement will drive growth and success for its partners and their clients.
TD SYNNEX (NYSE: SNX) will announce its financial results for Q1 fiscal 2023 on March 28, 2023, before U.S. market opens. A conference call with CEO Rich Hume and CFO Marshall Witt will take place at 6:00 a.m. PT / 9:00 a.m. ET. Interested parties can access the earnings release and the live audio webcast through ir.tdsynnex.com. With over 150,000 customers globally and a diverse product portfolio, TD SYNNEX continues to strive for innovation in technology solutions. The company is committed to being a respected corporate citizen, focusing on growth opportunities for its stakeholders.
TD SYNNEX (NYSE: SNX) recently announced its updated Channel for Microsoft, aimed at facilitating the transition of 400,000 organizations globally from the Microsoft Partner Network to the Microsoft Cloud Partner Program. This initiative, known as the Practice Builder for Microsoft, is available at no cost for TD SYNNEX solution providers. The program includes seven Practice Builder paths aligned with Microsoft's revised partner program, enhancing partners' capabilities in six solution designation areas. This move reflects TD SYNNEX's commitment to supporting channel partners in adapting to changes in the cloud landscape.
TD SYNNEX has partnered with Perimeter 81, a leading SASE platform, to enhance network security solutions for businesses facing increasing cyber threats. According to the 2022 U.S. Cybersecurity Census Report, businesses experience an average of 42 cyberattacks yearly. This partnership aims to broaden customer access to Perimeter 81’s award-winning cybersecurity platform, which has garnered recognition from Frost & Sullivan. Both companies emphasize the importance of secure network access for modern workforces.
TD SYNNEX (NYSE: SNX) has released its first Corporate Citizenship Report, highlighting progress in environmental, social, and governance (ESG) initiatives. The report outlines the company's commitment to sustainability, aiming for net-zero greenhouse gas emissions by 2045 and a 50% representation of women in its workforce by 2030. Notable achievements include diverting 350,000 mobile handsets from landfills and equipping 20,000 households with digital tools. CEO Rich Hume emphasized sustainability as central to business growth, while further detailing partnerships and training initiatives to enhance corporate citizenship.
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TD SYNNEX Corporation (NYSE: SNX) has completed a secondary public offering, selling 5,175,000 shares of common stock, including an additional 675,000 shares from underwriters. The company did not receive proceeds from this sale. Concurrently, TD SYNNEX repurchased 900,000 shares at $97.00 each for a total of $87.3 million, using cash reserves under its $1 billion share repurchase program. The offering was facilitated by major financial institutions, including Goldman Sachs and Barclays. This strategic move aims to enhance shareholder value through share repurchases while no funds will go to the company from the stock sale.
TD SYNNEX Corporation (NYSE: SNX) has announced a secondary public offering of 4,500,000 shares at $97.00 each, solely sold by entities managed by Apollo Global Management. The offering is expected to close around January 30, 2023. Additionally, the company plans to repurchase 900,000 shares under its $1 billion share repurchase program, funded by existing cash. Underwriters include Goldman Sachs, Barclays, and Citigroup, with a 30-day option for an additional 675,000 shares. The company will not receive proceeds from the shares sold by the selling stockholders. A shelf registration statement for this offering was previously filed with the SEC.