CDW CEO Christine Leahy weighed in today on her company’s significant revenue drop during its first quarter 2023 as well as recent layoffs conducted by the $20 billion IT giant.
“We are operating in choppy waters right now,” said Leahy during CDW’s earnings report this morning with media and analysts.
CRN breaks down the five biggest remarks made by Christine Leahy during CDW’s earnings call today around recent layoffs, why the company witnessed such a large drop in sales, and how total revenue in 2023 is expected to be lower than 2022.
[Related: CDW’s Client Sales Fall, CEO Talks Layoffs During Earnings Call]
CDW Q1 2023 Earnings Results
Before jumping into Leahy’s boldest statements during today’s earnings call, CRN takes a look at CDW’s Q1 2023 results.
CDW generated total revenue of $5.1 billion in the first quarter, representing a sales decline of more than 14 percent year over year, compared to nearly $6 billion in first quarter 2022.
“Large commercial customer client device declines had the greatest category impact as corporates worked through the impact of slower hiring and layoffs,” said CDW’s CEO Leahy.
The Vernon Hills, Ill.-based company reported net income declining 8 percent year over year from $250 million in first-quarter 2022 to $230 million in first-quarter 2023. CDW’s gross profit slightly dropped 1 percent year over year to $1.09 billion in first-quarter 2023. The company’s operating income was $355 million in the quarter, representing a decrease of 8 percent year over year.
CDW’s stock is currently trading at $167.70 per share as of Wednesday afternoon, which is nearly flat compared to Tuesday.
Here’s what Christine Leahy had to say about CDW’s first quarter financial earnings results.
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Mark Haranas is an assistant news editor and longtime journalist now covering cloud, multicloud, software, SaaS and channel partners at CRN. He speaks with world-renown CEOs and IT experts as well as covering breaking news and live events while also managing several CRN reporters. He can be reached at [email protected].
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