Why Is TD Synnex (SNX) Stock on the Move Today?

  • TD Synnex (SNX) is moving following the release of its Q2 earnings report.
  • The company beat out estimates for the quarter.
  • However, its EPS guidance for 2022 is weak.
SNX Stock - Why Is TD Synnex (SNX) Stock on the Move Today?

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TD Synnex (NYSE:SNX) stock is on the move Tuesday following the release of its earnings report for the second quarter of 2022.

The big news for SNX stock starts with the tech company’s adjusted earnings per share (EPS) of $2.72. That’s above the $2.65 per share that Wall Street was looking for during the quarter. Even so, it does come in below the $3.03 per share reported in the same period of the year prior.

TD Synnex also reported revenue of $15.27 billion for the second quarter of the year. That just barely comes in higher than the $15.25 billion that analysts were looking for during the period. Yet again, this is also a slight drop compared to the $15.47 billion reported during the same time last year.

TD Synnex took time to reaffirm its adjusted EPS outlook for the full year of 2022 in its earnings report. This has it expecting adjusted EPS to range from $11.15 to $11.65. To put that in perspective, Wall Street is expecting an adjusted EPS of $11.49 for 2022.

To go along with this news, TD Synnex also won the title of “Global Distributor of the Year” for 2022 from Hewlett Packard Enterprise (NYSE:HPE). This saw it beating out more than 80,000 partners that work with Hewlett Packard Enterprise.

SNX stock started off strong when markets opened this morning. However, the shares are now down 4.5% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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