UPDATE: Tech Data Reports Downbeat Q1 Earnings

Tech Data Corporation TECD reported weaker-than-expected quarterly earnings on Monday. Tech Data reported its Q1 operating income at $75.7 million, compared with $69.5 million, in the year-ago quarter. The company's net income attributable to shareholders increased to $48.7 million, or $1.03 per share, from $45.6 million or $0.88 per share, in the year-ago period. Its net sales climbed 13% to $6.3 billion, from $5.6 billion. However, analysts were expecting earnings of $1.05 per share on revenue of $6.40 billion. Tech Data's gross margin rose to 5.27%, from 5.21%, in the year-ago quarter. Tech Data shares gained 0.41% to close at $53.57 on Friday. Read more from Benzinga's Company news.