Best Buy Shares Rise On Earnings Beat, Retailer Says Consumers Are Upgrading Tech To Work At Home
Best Buy said Tuesday fiscal second-quarter sales rose nearly 20% as consumers continued upgrade devices and equipment to support habits formed during the pandemic — from hybrid work to streaming TV shows.
Shares were up 4% in premarket trading.
Here’s what the company did for its fiscal second quarter ended July 31 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.98 adjusted vs. $1.85 expected
- Revenue: $11.85 billion vs. $11.49 billion expected
The consumer electronics retailer’s second-quarter net income rose to $734 million, or $2.90 per share, up from $432 million, or $1.65 per share, a year earlier.
Excluding items, it earned $2.98 per share, higher than the $1.85 per share expected by analysts surveyed by Refinitiv.
Net sales rose to $11.85 billion from $9.91 billion a year earlier, outpacing estimates of $11.49 billion.
Shares closed Monday down 0.42% to $112.16, bringing the company’s market value to $28.09 billion. As of Monday’s close, Best Buy shares are up about 12% this year.
– CNBC