Tech Data fiscal 3rd-qtr profit falls 55 percent

Tech Data shares declined 82 cents, or 5 percent, to $15.65.

For the quarter ended Oct. 31, Tech Data reported net income of $18.4 million, or 37 cents per share, down 55 percent from $40.9 million, or 73 cents per share, in the year-earlier period.

The company's revenue rose 3.6 percent to $6.14 billion from $5.92 billion.

Analysts polled by Thomson Reuters expected a profit of 63 cents per share on $6.17 billion in revenue.

Tech Data reported a $23.5 million loss from foreign currency exchange. This compares with a gain of $2.4 million the company reported in the year-earlier quarter.

Tech Data said that given the broader economic environment and foreign currency volatility, it is not giving a sales outlook.