By Chris Wack

ScanSource Inc. shares had been down 18%, to $27.95, after the corporate reported fourth-quarter earnings that missed analysts’ expectations.
The cloud-technology firm stated it had quarterly earnings of $19.9 million, or 78 cents a share, in contrast with $20.7 million, or 80 cents in the identical quarter final 12 months. Analysts polled by FactSet had been searching for earnings of $23.5 million, or 87 cents a share.

Gross sales for the quarter got here in at $962.Three million, in contrast with final 12 months’s $852.7 million and the $909.9 million analysts had been anticipating.
Adjusted earnings for the quarter had been 91 cents a share. Analysts had been searching for adjusted EPS of 97 cents.
ScanSource stated it expects gross sales development for fiscal 2023 of no less than $5.5%. Analysts have forecast 2023 gross sales of $3.71 billion.
The corporate stated fourth-quarter gross sales within the Specialty Know-how Options section elevated about 13% year-over-year, to $580.6 million, pushed by broad-based demand throughout applied sciences. Quarterly gross sales in Trendy Communications & Cloud elevated about 13% year-over-year, to $381.7 million, primarily as a result of elevated demand throughout communications options.
Write to Chris Wack at chris.wack@wsj.com