Best Buy (BBY) Shares Fall 9% As Third Quarter Earnings Miss

Best Buy (NYSE:BBY) is down 9.51% this morning at $25.40. This drop comes after the company missed Q3 revenue and EPS estimates.

Best Buy announced revenue in November rose 1.8% to $12.1 billion. EPS was at $0.47. Analysts were expecting revenue of $12.14 billion with an EPS of $0.51. Best Buy reiterated their forecast of $51 billion to $52.5 billion and an adjusted EPS of $3.35 to $3.65. This is in line with analysts estimates of $51.8 billion and $3.44 per share in profit.

Best Buy sees same store sales decline up to 3% for the full year. The company did say that same store sales could be flat with the year before though. Sales saw a lift in mobile phones, e-readers, movies and appliances, but fell in digital imaging and gaming.

TV sales also saw improvement from the previous quarter.

BBY has traded 1.2 million shares already today and will probably pass its daily average of 6.7 million shares.

written by

An experienced trader with a background in political science, Marc got his start as an individual trader surfing the old stock message boards. He is always on the lookout for the next big winner.
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