May 6 (Reuters) – CDW topped Wall Street expectations for first-quarter revenue on Wednesday, helped by resilient demand for its information technology solutions as businesses ramp up spending on artificial intelligence and cloud technology. • CDW provides security, cloud and hybrid infrastructure solutions to businesses, governments and sectors such as education and healthcare in the […]
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CDW posts first-quarter revenue beat on strong IT demand amid AI, cloud boom
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May 6 (Reuters) – CDW topped Wall Street expectations for first-quarter revenue on Wednesday, helped by resilient demand for its information technology solutions as businesses ramp up spending on artificial intelligence and cloud technology.
• CDW provides security, cloud and hybrid infrastructure solutions to businesses, governments and sectors such as education and healthcare in the United States, United Kingdom and Canada.
• It reported net sales of $5.68 billion for the quarter ended March 31, beating analysts’ average estimate of $5.48 billion, according to data compiled by LSEG.
• Adjusted earnings came in at $2.28 per share, slightly below analysts’ estimate of $2.29 per share.
• “As customers move from AI exploration into real, production environments, they are increasingly relying on partners with the integration, governance, and lifecycle expertise to execute at scale,” CEO Christine Leahy said.
• The company also benefited from rising demand for network security and cloud migration.
• Net sales of CDW’s commercial segment grew about 10% to $3.57 billion, primarily driven by an increase in sales to healthcare and financial services customers.
(Reporting by Arunesh Sinha; Editing by Diti Pujara)