Best Buy warns of layoffs as it issues soft full-year guidance
Publishing timestamp: 2024-02-29 12:53:21
Summary
Best Buy surpassed Wall Street's revenue and earnings expectations for the holiday quarter, but warned of softer sales ahead. The company plans to lay off workers and cut costs to invest in newer areas like artificial intelligence. Despite challenges, Best Buy's services revenue is growing and the company expects industry sales to stabilize in the coming year.
Sentiment: MIXED
Tickers: BBY,
Keywords: business, dividends, breaking news: business, best buy co inc, earnings, business news, retail industry, breaking news: earnings,
Source: https://www.cnbc.com/2024/02/29/best-buy-bby-earnings-q4-2024.html