CDW's quarterly revenue misses estimates on lower demand for IT solutions

CDW

07/02/2024 13:33

Feb 7 (Reuters) - CDW  CDW.O  reported fourth-quarter
revenue below estimates on Wednesday, hurt by weak demand for
its information technology solutions as enterprise clients cut
back on tech spending. 
    The company, which provides IT solutions to tech giants such
as IBM  IBM.N  and Microsoft  MSFT.O , posted net sales of $5.02
billion for the quarter ended Dec. 31, missing analysts'
estimates of $5.32 billion, according to LSEG data.
    Demand across all its segments remained weak due to lower
spending by clients and delays in tech-related projects amid a
challenging economic environment. Its UK and Canadian businesses
also saw a hit. 
    The company provides IT solutions such as cloud and
cybersecurity solutions and hardware products to enterprises and
government customers and also has a presence in the education
and healthcare sectors.
    CDW posted adjusted earnings of $2.57 per share, compared
with estimates of $2.56 per share.    

 (Reporting by Priyanka.G in Bengaluru; Editing by Shweta
Agarwal)
 ((Priyanka.G@thomsonreuters.com))