Avnet's (AVT) Earnings and Revenues Miss Estimates in Q3

Avnet (AVT) reported lower-than-expected third-quarter fiscal 2024 results. The company’s non-GAAP earnings were $1.10 per share, which came a penny lower than the Zacks Consensus Estimate of $1.11. Moreover, the reported figure came 45% lower than the year-ago quarter’s non-GAAP earnings of $2 per share, mainly due to lower revenues.Revenues declined 13% year over year to $5.65 billion and came slightly lower than the Zacks Consensus Estimate of $5.70 billion. The company’s top-line performance reflects a ...