Updated from 9:30 a.m.

Shares of Tech Data ( TECD) were down Thursday even though the computer products company reported a better-than-expected fourth-quarter profit and upbeat guidance after the markets closed Thursday.

The company had net income of $38.9 million, or 67 cents a share, on revenue of $4.9 billion, compared with a loss of $303 million, or $5.37 a share, on revenue of $4 billion a year ago. The consensus forecast was for 54 cents a share, according to Thomson One Analytics.

Net sales in Europe hit $3 billion, or 61% of worldwide sales, during the quarter ended Jan. 31, as the company benefited from the weak dollar. Gross margin was 5.94% of sales, up from 5.12% in the year-ago period.

Tech Data forecast first-quarter net income of $26.5 million to $29.5 million, or 45 cents to 50 cents a share. The consensus forecast is for 46 cents a share. Revenue is expected to hit $4.5 billion to $4.6 billion.

"We remain encouraged by the improving market demand conditions that characterize our industry today," the company said in a statement. "The IT infrastructure investments that we are making are building a platform to maximize our long-term growth potential."

Recently, shares were off $1.13, or 2.8%, to $39.82.

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