UPDATE: Best Buy Posts Upbeat Q1 Sales
Best Buy Co Inc (NYSE: BBY) reported a drop in its fiscal first-quarter profit.
Best Buy's quarterly profit declined to $158 million, or $0.46 per share, from $212 million, or $0.53 per share, in the year-ago period. On an adjusted basis, Best Buy earned $0.72 per share.
Best Buy's revenue rose to $11.61 billion, from $11.37 billion. However, analysts were expecting earnings of $0.59 per share on revenue of $11.50 billion.
Best Buy shares gained 6.71% to $19.39 in pre-market trading.
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