TD SYNNEX (NYSE:SNX) shares plunged over 16% intra-day today, after the company reported disappointing fiscal first-quarter results and issued underwhelming guidance for Q2, sparking investor concern about near-term performance.

For Q1, the company posted adjusted earnings per share of $2.80, falling short of analyst expectations of $2.91. Revenue came in at $14.53 billion, below the $14.79 billion consensus, as growth momentum slowed.

The outlook for the current quarter further weighed on sentiment. TD SYNNEX projected Q2 adjusted EPS between $2.45 and $2.95, well below the $3.03 expected by analysts, and revenue in the range of $13.9 billion to $14.7 billion, compared to forecasts of $14.72 billion.

Management pointed to its broad IT portfolio, global scale, and targeted go-to-market strategy as drivers of long-term competitiveness. However, the immediate focus for investors remained on the earnings shortfall and cautious guidance, which signaled a more tepid environment for IT spending in the months ahead.