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Best Buy's Stock See-Saws After Q2 Report

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Best Buy's Stock See-Saws After Q2 Report
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Best Buy Co Inc (NYSE: BBY) released early Tuesday morning its second-quarter results, which initially sent shares soaring higher by more than 7 percent. However, the stock has since given up all of the gains and was trading lower by 5 percent from Monday's closing price.

Best Buy reported that it earned 69 cents per share in the second quarter on revenue of $8.94 billion, which was mixed versus Wall Street's expectations of $0.63 per share and $8.66 billion. Enterprise comparable sales rose and domestic comparable sales both rose 5.4 percent in the quarter while domestic comparable online sales rose 31.2 percent.

Domestic sales improved from $7.889 billion in the same quarter a year ago to $8.272 billion. The company highlighted strength in computing, wearables, smart home, mobile phones and appliances but noted declines in tablets.

International sales also rose from $644 million to $668 million over the same time period. Net earnings for the quarter rose from $198 million in the same quarter a year ago to $209 million.

Looking forward to the third quarter, the electronics retailer expects to earn 75–80 cents per share on revenue of $9.3 billion to $9.4 billion. Wall Street analysts were modeling the company to earn 65 cents per share on revenue of $9.0 billion.

For the full fiscal year 2018, the company expects to show an enterprise revenue growth of around 4 percent.

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Posted-In: electronics retail earnings retailersEarnings News Guidance Movers Tech Best of Benzinga

 

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