TD SYNNEX has reported a revenue decline in both the fiscal fourth quarter and the full fiscal year ending November 2023.
The fourth-quarter revenue was $14.4bn, an 11.3% decrease from the previous year but within the expected $14 to $15bn range.
European revenue fell 3% to $5.2bn in the quarter, contributing to a yearly drop of 3.8% to $626.9m. Net income in Europe also decreased by 4.3% to $19.4bn.
CEO Rich Hume (pictured) attributed these declines to reduced demand for PC ecosystem products in their Endpoint Solutions portfolio post-pandemic.
He said: “We successfully navigated a challenging market environment in fiscal year 2023, generating robust free cash flow of $1.3 billion and returning $751 million to shareholders.
“We are well-positioned to capitalise on the growth opportunities we expect in 2024, as the IT spending environment is anticipated to rebound.”
