Slower IT market cuts Tech Data sales
May 30, 2019 - Profit jumped 64 percent, although sales dipped 2 percent in the first quarter of the fiscal year for Tech Data (Nasdaq: TECD). The Clearwater-based IT distributor, the largest company in the Tampa-St. Pete area, posted $55.4 million in net income, or $1.49 a share, on sales of $8.4 billion for the three months ended April 30. “Looking ahead, although IT market growth has slowed somewhat from the year-ago levels, demand continues to be solid, and we remain positive on the overall IT spending outlook,” Rich Hume, CEO, said in a news release.