Tech Data Corp. shares dropped in the extended session Thursday after the tech products distributor’s earnings and outlook fell short of Wall Street estimates. Tech Data shares fell 12% to $97.35 after hours. The company reported second-quarter net income of $47.5 million, or $1.24 a share, compared to $50.3 million, or $1.31 a share, in the year-ago period. Adjusted earnings were $1.74 a share. Revenue rose to $8.88 billion from $6.35 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $2.06 a share on revenue of $8.75 billion. For the third quarter, Tech Data estimates earnings of $1.84 to $2.04 a share on revenue of $9 billion to $9.35 billion. Analysts expect earnings of $2.22 a share on revenue of $8.66 billion.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News