Welcome to our dedicated page for TD SYNNEX Corporation news (Ticker: SNX), a resource for investors and traders seeking the latest updates and insights on TD SYNNEX Corporation stock.
TD SYNNEX Corporation (NASDAQ: SNX) is a prominent global player in IT distribution and business services. Established in 1980, the company has evolved into a $10.4 billion giant with over 53,000 associates worldwide. Recognized for its excellence, TD SYNNEX was ranked No. 260 on the Fortune 500 list in 2014.
The company's primary operations are divided into two key segments: Technology Solutions and Global Business Services. In the Technology Solutions segment, TD SYNNEX collaborates with over 300 leading technology manufacturers, facilitating the distribution of their products through a network of more than 20,000 value-added resellers, primarily in North America. Key product categories include IT systems, peripherals, system components, software, networking, and consumer electronics. Esteemed vendor partners include HP, Intel, Panasonic, Microsoft, Lenovo, Seagate, among others.
TD SYNNEX also excels in providing comprehensive business process outsourcing services. These services encompass technical support, renewals management, demand generation, direct sales, customer service, back-office processing, and IT outsourcing. These offerings position TD SYNNEX as a vital partner for many companies looking to streamline their operations and enhance efficiency.
The company's geographical segments cover the Americas, Europe, and APJ (Asia-Pacific and Japan), ensuring a widespread market presence and the capability to serve a diverse client base.
Recent Achievements and Projects
- TD SYNNEX continues to innovate in the IT ecosystem, aggregating and distributing hardware, software, and systems including personal computing devices, mobile phones, printers, server and datacenter infrastructure, hybrid cloud solutions, security, networking, communications, and storage solutions.
- The company has maintained strong partnerships and expanded its product offerings to meet evolving market demands.
- Ongoing projects emphasize the enhancement of their IT distribution channels and the expansion of their global business services portfolio.
TD SYNNEX's commitment to excellence and innovation makes it a pivotal entity in the IT and business services sectors, with a significant impact on the market and a promising outlook for future growth.
SYNNEX Corporation (NYSE: SNX) has announced the planned separation of its customer experience subsidiary, Concentrix, into an independent, publicly traded company. Each SYNNEX stockholder will receive one share of Concentrix for each share of SYNNEX they own as of November 17, 2020. Concentrix shares are expected to start trading on NASDAQ under the ticker 'CNXC' from December 1, 2020. This strategic move aims to enhance agility and align investments with market opportunities, creating greater value for investors in both companies.
SYNNEX Corporation (NYSE: SNX) announced that its SYNNEX Comstor division won two prestigious Cisco Partner Summit Digital awards: Global Distributor of the Year and Americas Distributor of the Year. These accolades, awarded during Cisco's virtual event, recognize excellence in business practices and partner relationships. Senior VP Jay Denton highlighted the importance of these awards as a testament to the team's performance and the strength of vendor-distributor relationships. Cisco's awards reflect the top partners across all technology sectors globally.
Concentrix, a global leader in customer experience solutions, has launched Concentrix Experience Platform (XP), designed for next-generation customer experience management. XP leverages advanced cloud and AI technologies for self-service and contact centers, offering features like omnichannel journey orchestration and AI-based bots. The platform is customizable and available globally as a managed service with pay-as-you-go pricing. EVP Kathy Juve emphasized its ability to meet the evolving needs of consumers. The platform aims to help businesses modernize their customer engagement while controlling costs.
SYNNEX Corporation (NYSE: SNX) reported strong financial results for Q3 FY20, with revenue reaching $6.465 billion, a 4.2% increase from Q3 FY19. Operating income rose slightly to $209.1 million, while net income increased 9.2% to $134.5 million. Diluted EPS improved by 8.3% to $2.60. Despite these gains, non-GAAP operating income and margins saw declines. The company anticipates further growth with the proposed spin-off of Concentrix, which may boost stakeholder value.
SYNNEX Corporation (NYSE: SNX) will release its third quarter fiscal 2020 financial results on September 29, 2020, after market close. An earnings call will be held at 2:00 PM PT / 5:00 PM ET on the same day, featuring CEO Dennis Polk, CFO Marshall Witt, and EVP Chris Caldwell. Investors can access the earnings call via live audio webcast on the company's investor relations website, with a replay available later. SYNNEX is a leading business process services company with global operations across multiple regions.
SYNNEX Corporation (NYSE: SNX) announced significant progress on its plan to spin off Concentrix into an independent public company. The company filed a Form 10 Registration Statement with the SEC, removing its confidential status, signaling a major milestone in the separation process. Shareholders will own shares in both SYNNEX and Concentrix post-transaction without a shareholder vote. The separation is expected to complete in Q4 2020, dependent on customary closing conditions. The Form 10 will provide detailed business and financial information regarding the spin-off.
Concentrix has launched SecureCX™, a cutting-edge Work-at-Home (WAH) platform designed to enhance security for remote employees. This platform responds to the increasing need for safe access in remote working environments, integrating advanced digital tools like biometric authentication and real-time monitoring. Supported by 24/7 oversight, SecureCX allows customization to meet client needs. Concentrix aims to ensure maximum security for sensitive customer information, reinforcing its commitment to technological innovation in the customer experience sector.
On August 4, 2020, SYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), was awarded the 2019 HP Inc. Partner of the Year in the category of Canada Distributor of the Year. This recognition highlights SYNNEX Canada's achievements in growth and innovation. The awards celebrate top-performing partners chosen based on strategic growth and innovation criteria. SYNNEX Canada expressed gratitude for its partnership with HP and its commitment to developing innovative solutions for customers, reinforcing their collaborative success.
SYNNEX Corporation (NYSE: SNX) received recognition as the 2019 "HP Inc. Partner of the Year" for its outstanding performance in growth and innovation. The awards highlight top partners in categories such as U.S. Supplies Distributor of the Year and U.S. Print Hardware Distributor of the Year. This acknowledgment reflects SYNNEX's successful collaboration with HP, as indicated by comments from both companies' executives. The award showcases SYNNEX's strategic importance in the IT channel and the mutual commitment to enhancing customer engagement.
SYNNEX Corporation (NYSE: SNX) was awarded the Samsung Smart Signage Award for Overall Distribution Partner of the Year during Samsung's virtual event on July 22, 2020. This award recognizes SYNNEX’s achievements in successful display implementations and customer commitment in the smart signage market. The company continues to expand its market share across various verticals with dedicated sales teams and support for small-to-medium businesses.
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