IT Jungle reports IT distributor Avnet is riding an upgrade cycle for servers and storage. Not unlike its rival Arrow Electronics, Avnet reports an increase in revenue this year. Net income for the seller of IT gear and electronic components rose by 31.9 percent, to $151 million and overall revenues for Avnet grew 13 percent.
“Roy Vallee, Avnet’s chairman and chief executive officer, said in a statement accompanying the financial results that Technology Solutions came in at the high end of expectations revenue-wise, with sequential declines from the prior fiscal second quarter (which roughly corresponds to calendar year end IT budgets) being lower than usual. The growth in the business was due primarily to server and storage sales, Vallee said.”