Best Buy shares surge on profit beat and guidance hike
Publishing timestamp: 2024-08-29 11:30:58
Summary
Best Buy raised its fiscal-year profit guidance after exceeding earnings and revenue expectations for the most recent quarter. The retailer posted a 6% growth in domestic tablet and computing categories, leading to a jump in shares by more than 15%. Despite a decline in comparable sales in other categories, Best Buy is optimistic about the impact of AI on tech innovation and customer demand. The company is focusing on marketing and operational initiatives to capitalize on the replacement cycle of pandemic-era tech purchases.
Sentiment: POSITIVE
Keywords: best buy co inc, breaking news: earnings, retail industry, business news, dividends, microsoft corp, apple inc, business, earnings, breaking news: business,
Source: https://www.cnbc.com/2024/08/29/best-buy-bby-earnings-q2-2025.html