Best Buy jumps more than 10% as cost-cutting preserves profits despite sluggish sales
Publishing timestamp: 2024-05-30 13:11:03
Summary
Best Buy missed sales expectations but beat on earnings per share and stuck by full-year forecast. The company is facing challenges such as softer demand for consumer electronics, inflation, and high mortgage rates. Best Buy is looking to new tech gadgets and sales events to boost sales, while also focusing on newer businesses like its subscription-based membership program. The company has also slashed spending, including laying off workers and closing stores.
Sentiment: MIXED
Keywords: breaking news: earnings, best buy co inc, apple inc, earnings, dividends, retail industry, breaking news: business, business news, business,
Source: https://www.cnbc.com/2024/05/30/best-buy-bby-q1-2025-earnings.html