CDW stock drops on weaker-than-expected revenue as business spending tightens

CDW Corp. CDW shares dropped in the extended session Tuesday after the IT software provider forecast revenue below the Wall Street consensus because of tight business spending. CDW shares fell 9% after hours, following a 0.7% rise to close the regular session at $190.29.

7% rise to close the regular session at $190.29. “The first quarter was marked by a period of intensifying economic uncertainty that led our customers to spend more cautiously and prioritize mission critical initiatives,” said Christine Leahy, CDW chair and chief executive, said in a statement. “This demand contraction resulted in first-quarter performance below our expectations,” Leahy said.

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