UPDATE: Tech Data Reports 23% Surge In Q2 Earnings

Tech Data Corp (NASDAQ: TECD) reported a 23% rise in its fiscal second-quarter earnings.

Tech Data reported its quarterly profit at $50.1 million, or $1.10 per share, up from $40.9 million, or $0.82 per share, in the year-ago period. Its net sales surged 18% to $6.45 billion. However, analysts were expecting earnings of $0.95 per share on sales of $6.14 billion.

Tech Data shares dropped 1.21% to close at $42.51 yesterday.