Why Best Buy Stock Popped Today
Shares of Best Buy (NYSE: BBY) jumped 12.8% on Tuesday after the consumer electronics retailer delivered better-than-expected sales and profits.
Best Buy's revenue fell by 11.1% year over year to $10.6 billion in its fiscal 2023 third quarter ended Oct. 29. The company's comparable-store sales declined by 10.4%, as consumers spent less on computers and home theater equipment after loading up on mobile devices and TVs during the early stages of the pandemic.
Still, Best Buy's sales were better than investors feared. Analysts had expected the retailer to report revenue of $10.3 billion, with a same-store sales decline of 12.9%.
Source Fool.com
