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CDW is a top U.S. IT solutions provider with strong market presence across Corporate, Public, and Small Business segments.

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Shares of CDW Corporation (CDW-0.39%) are down 13.3% Wednesday morning after the IT hardware and software distributor preannounced Q1 2023 sales numbers that fell far short of analyst predictions.

This was the stock's second consecutive day of losses.

CDW previously conducted layoffs in September 2020, according to a Crain’s article from the time. CDW cut 2 percent of its workforce at the time, according to Crain’s.

CDW’s CEO, president and chairwoman received $11.1 million in total compensation in 2022, according to SEC filings. That’s about 24 percent more than her total compensation the year prior.

This was the stock's second consecutive day of losses.