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Why Shares of SYNNEX Popped Today

TheMotleyFool

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Shares of SYNNEX (NYSE: SNX) jumped on Friday after the business process services specialist reported its fourth-quarter results and announced plans to split into two publicly traded companies. As of 12:10 p.m. EST, the stock was up 12.6%.

SYNNEX reported fourth-quarter revenue of $6.58 billion, up 18.7% year over year and $590 million higher than the average analyst estimate. Technology solutions revenue rose 17.4% to $5.4 billion, while Concentrix revenue jumped 24.7% to $1.2 billion. The Concentrix growth was mostly due to the acquisition of Convergys.

Image source: Getty Images.

Source Fool.com

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