TD SYNNEX revenue growth fuels hope for Q4 2024

Revenue was up 5.2 per cent in Q3, at the upper end of the distributor’s outlook

TD SYNNEX has reported total revenue growth of 5.2 per cent year-over-year to £14.7bn (£10.99bn) in its Q3 2024 results.

The results are at the upper end the distributor’s outlook of $13.3bn - $14.9bn

“Q3 was a strong quarter, reinforcing our optimism regarding IT market recovery,” said Patrick Zammit, CEO of TD SYNNEX.

“These results underscore that our broad global reach, extensive line card and effective execution of our strategy are helping us grow slightly ahead of market.”

2024 has been an eventful year for TD SYNNEX’s CEO; in addition to this year’s revenue growth, Zammit went from president of EMEA to COO in January, and became CEO in June, replacing Rich Hume.

Revenue grew globally, with the Americas, Europe, and Asia-Pacific & Japan respectively growing by 2.4 per cent ($9.1bn, prior year: $8.9bn), 8.6 per cent ($4.6bn, prior year $4.2bn), and 17.6 per cent ($1bn, prior year: $0.9bn).

Such increases were driven by growth in both TD SYNNEX’s advanced solutions and endpoint solutions portfolios.

Non-GAAP gross billings also increased by 8.4 per cent, from $18.6bn in the prior fiscal third quarter to $20.3bn this year.

The company did experience a decline in gross profit, generating $961m compared to $971m in the prior fiscal third quarter.

Given Q3 2024 results, TD SYNNEX remains confident in the future and predicts further growth next quarter.

For Q4 2024, the company predicts revenue to reach between $14.9bn and $15.7bn, and non-GAAP gross billings to reach between $20.5bn to $21.5bn.