UPDATE: Best Buy Shares Jump On Upbeat Q3 Results

Shares of Best Buy BBY jumped 8.5% in pre-market trading after the company reported better-than-expected third-quarter results. The Richfield, Minnesota-based company posted quarterly net income of $107 million, or $0.30 per share, compared to $54 million, or $0.12 per share, in the year-ago quarter. Its adjusted earnings came in at $0.32 per share. Its revenue rose to $9.38 billion from $9.33 billion. However, analysts were projecting earnings of $0.25 per share on revenue of $9.11 billion. Domestic revenue rose 2.3% to $7.99 billion, while international revenue dropped 8.4% to $1.39 billion. Its same-store sales climbed 2.2% in the quarter. Sharon McCollam, Best Buy EVP, CAO and CFO, commented, “As Hubert remarked, the sales trends we are seeing in our business as we enter the fourth quarter are encouraging from a top-line perspective. But to drive these results, similar to Q3, there are internal and external factors that we believe could put pressure on our operating income rate.” For the fourth quarter, Best Buy expects revenue to be flat, but it expects adjusted EPS to gain by around 50 basis points. Best Buy shares jumped 8.5% to $38.56 in pre-market trading.