Why Best Buy Stock Dropped Today

Shares of Best Buy (NYSE: BBY) fell 12.3% on Tuesday after the consumer electronics company issued a tepid sales forecast for the all-important holiday shopping season.

Best Buy's revenue rose less than 1% year over year to $11.9 billion in its fiscal 2022 third quarter. The retailer's domestic comparable store sales increased 2%, as it lapped the 22.6% comp growth Best Buy experienced during the prior-year period.

Best Buy's sales benefited from higher pandemic-related demand for mobile devices, home theater equipment, and appliances. "More people continue to sustainably work, entertain, cook, and connect at home," CEO Corie Barry said in a press release.

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Source Fool.com