TD Synnex reported a decline in revenue for both the fiscal fourth quarter and fiscal year ended November 2023.
Q4 revenue of $14.4bn represents a 11.3% decrease from Q4 2022 but is still in line with expectations, sitting within the outlook provided by the distributor of $14bn- $15bn.
In Europe, revenue dropped from $5.4bn to $5.2bn in the fiscal fourth quarter, a decrease of 3%.
Across FY23 revenue reduced 3.8% to $626.9m. Net income in European also fell 4.3% to $19.4bn.
According to CEO Rich Hume, this change was driven by a decline in the distributors Endpoint Solutions portfolio due to the post-pandemic decline in demand for PC ecosystem products
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.”