Ingram Micro's Q2 revenues came in at $10.5bn, within the guidance range and representing an increase of 2% on a currency-neutral basis.
The strengthening of the dollar had an 8% negative impact on revenues in dollar terms. Recent acquisitions contributed 2 percentage points of growth.
Gross margin was 6.31%, a 56 basis point improvement over last year.
Europe revenue of $2.9bn was up 8% year-over-year on a currency neutral basis, but down 8% in dollars.
Local currency revenue strength was driven by strong iPhone demand and solid sales of advanced and specialty solutions.
Additionally, the acquisition of ANOVO added 2 percentage points of growth. Demand in Germany, the largest regional contributor, improved in Q3 with strength from corporate resellers in categories including networking, data capture point-of-sale and mobility.
France and the UK also contributed strong growth and Italy and Spain delivered double-digit growth supported by an uptick in advanced solution sales in both countries and strong mobility sales in Italy.
Non-GAAP operating margin was 62 basis points. The European technology solutions business continues to deliver year-over-year improvement with expanding gross and operating margins, Ingram Micro says. However, this progress was diluted by efforts to build out the higher margin strategic businesses, including in mobility and to expand the cloud marketplace throughout the region.
CEO Alain Monie said: "For Q4, we continue to see stable markets globally, and we expect demand for higher value solutions to continue to outpace average IT growth rates. In our core business, we expect SMB to remain healthy broadly."