TD SYNNEX’s second quarter results were well received by the market, reflecting strong growth across both endpoint and advanced solutions segments. Management credited the quarter’s robust performance to broad-based demand for IT products, with CEO Patrick Zammit highlighting “continued strength of the IT distribution and hyperscaler markets” and noting that all regions and major technologies contributed to the growth. The company also benefited from some customers pulling forward purchases, particularly in PCs, as part of an ongoing refresh cycle.

Is now the time to buy SNX? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions TD SYNNEX’s Q2 Earnings Call

• Catherine Campana (Goldman Sachs) asked about the magnitude and sector impact of the pull-forward in demand. CEO Patrick Zammit estimated $100–$200 million in advanced purchases, mainly in PCs, with CFO Marshall Witt quantifying the gross profit benefit at $10 million.
• Adam Tindle (Raymond James) questioned whether Q3 might see more muted seasonality due to pull-forward effects and public sector timing. Witt explained that guidance reflects expected softer second-half demand and prudent modeling given macro uncertainty.
• Eric Woodring (Morgan Stanley) inquired about linearity of demand during the quarter, especially in April and May. Witt detailed that growth was strongest in March and April, softening slightly in May, with overall trends aligning with guidance.
• Ruplu Bhattacharya (Bank of America) sought updates on Hive business issues and the rationale behind cautious guidance despite strong regional and segment growth. Witt confirmed Hive’s improvement in working capital and demand, while Zammit cited tougher year-over-year comparisons and macro risks for the cautious outlook.
• David Voigt (UBS) probed into Hive’s margin mix and the impact of product and customer demand shifts. Witt pointed to unrealized FX losses and mix dynamics, while Zammit highlighted stabilizing margins and ongoing efforts to move up the value chain.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will focus on (1) the durability of PC and software refresh demand, (2) the pace of margin stabilization and working capital improvement in Hive, and (3) the impact of potential tariff changes and geopolitical events on both revenue and profitability. Progress in expanding digital enablement for customers and execution on international growth plans will also be important indicators of sustained momentum.

TD SYNNEX currently trades at $141.39, up from $127.71 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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