Avnet Reports 18.1% Growth In FY 2010
Technology and IT distributor Avnet has announced its results in Q4 and FY 2010 — and they say that they’ve grown quarterly revenue 38.5% year over year and annual revenue 18.1% year over year. In plain terms, the tech titan made $19.16 billion in FY 2010 – and the VAR-oriented Avnet Technology Solutions division led the way. Here’s the scoop.
An Avnet spokesperson confirmed that the technology refresh cycle was at the root of Avnet Technology Solutions’ better-than-usual seasonal growth. In fact, Avnet says that Avnet Technology Solutions has grown in the double digits for three quarters running now. Product-wise, Avnet Technology Solutions says that servers, storage, and networking products were hottest-selling.
Avnet also expressed belief that this undeniably strong growth (as a public company, their income reports are available for public viewing) is a sign of recovery in technology markets.
While The VAR Guy can’t report every company’s fiscal year results, it’s looking good for VARs heading into the 2010 home stretch.