IT solution provider CDW appears to be laying off hundreds of employees in the wake of a Tuesday warning by the company that its first fiscal quarter 2023 revenue would fall below expectations, and that it expects “intensifying economic uncertainty” to negatively impact the U.S. IT market.
Vernon Hills, Illinois-based CDW Tuesday said it now expects first quarter net sales of about $5.1 billion, well below analyst consensus estimates of $5.28 billion according to Seeking Alpha and significantly lower than the $5.95 billion in revenue the company reported for its fiscal first quarter 2022.
CDW, ranked No. 4 on CRN’s 2022 Solution Provider 500 list, did not respond to a CRN request for more information, and as of late Thursday had not publicly said anything about layoffs either via a press release or regulatory filing.