Synnex Corporation (NYSE: SNX) stock soared over 5% in the pre-market session on Friday, following the company's strong fiscal fourth-quarter results that topped Wall Street estimates. The IT services provider also issued an upbeat outlook, driving optimism among investors.

For the fourth quarter of fiscal 2024 ended November 30, Synnex reported revenue of $15.85 billion, surpassing analysts' expectations of $15.22 billion. Net income came in at $194.8 million, or $3.09 per diluted share, exceeding the consensus estimate of $3.05 per share.

The company attributed its robust performance to growth across its advanced solutions and endpoint solutions portfolios, fueled by an anticipated increase in IT spending. Additionally, Synnex's global reach and differentiated value proposition enabled it to capture a wide range of technology expenditures and expand its market presence.

Looking ahead, Synnex expects the favorable IT spending environment to continue, positioning the company for further growth. For the first quarter of fiscal 2025, the company forecasts revenue between $14.4 billion and $15.2 billion, with non-GAAP diluted earnings per share ranging from $2.65 to $3.15.

In response to the strong results and optimistic outlook, Synnex's Board of Directors declared a 10% increase in the quarterly dividend, raising it to $0.44 per common share. This decision reflects the company's confidence in its future prospects and commitment to returning value to shareholders.