Why Best Buy Co. Inc. Stock Dropped Today

Shares of Best Buy (NYSE: BBY) were down 4.8% as of 1:00 p.m. EST after the electronics retailer announced weaker-than-expected third-quarter 2017 results.

Best Buy's quarterly revenue climbed 4.1% year over year to $9.32 billion -- below consensus estimates for $9.36 billion -- including 4.4% comparable-sales growth. On the bottom line, that translated to 23.2% growth in net income to $239 million, and 30% growth in earnings per diluted share, to $0.78, in line with investors' expectations. Note the latter figure includes a net benefit of roughly $0.04 per share from stock repurchases over the past year.

IMAGE SOURCE: BEST BUY.

Source: Fool.com