UPDATE: Best Buy Posts Higher Q2 Earnings

Best Buy Co

reported a rise in its fiscal second-quarter earnings. Best Buy's quarterly profit surged to $266 million, or $0.77 per share, from $12 million, or $0.04 per share, in the year-ago period. Its core profit surged to $0.32 per share from $0.26 per share. Its revenue declined 0.4% to $9.3 billion. However, analysts were expecting earnings of $0.12 per share on revenue of $9.13 billion. Best Buy's gross margin rose to 26.5% from 24.2%. Best Buy shares surged 15.95% to $35.63 in pre-market trading.