Best Buy Co BBY shares are volatile Tuesday following the company's first-quarter financial results, which were released before the market opened.
Best Buy reported first-quarter revenue of $10.65 billion, which beat the estimate of $10.43 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.57 per share, which missed the estimate of $1.63 per share.
Best Buy cut its full-year revenue guidance from a range of $49.3 billion to $50.8 billion to a range of $48.3 billion to $49.9 billion versus the estimate of $50.12 billion.
The consumer electronics retailer said it expects full-year adjusted earnings to be between $8.40 and $9 per share, which was down from previous guidance of $8.85 to $9.15 per share.
"Even with the expected slowdown this year, we continue to be in a fundamentally stronger position than we were before the pandemic from both a revenue and operating income rate perspective," said Corie Barry, CEO of Best Buy.
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BBY Price Action: Best Buy shares have traded between $69.07 and $141.97 over a 52-week period. The stock initially surged on earnings before reversing and giving back almost all of its gains.
Best Buy shares were up 0.94% at $73.28 at time of publication.
Photo: courtesy of Best Buy.
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