Best Buy's Q1 Earnings Disappoint on Revenue Miss Amid Soft Demand for Consumer Electronics from production demand Watch Video
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⏲ Duration: 0:32 👁 View: 260K times ✓ Published: 31-May-2024
Description: Best Buy reported fiscal first quarter earnings that missed revenue estimates but beat on EPS and reaffirmed full-year guidance. Comparable sales and online sales fell over 6% overall as demand for consumer electronics remained soft. Profits were supported by cost-cutting measures like layoffs and trimmed capital expenditures. The company expects sales trends to improve over the next 3 quarters gradually but macro headwinds from inflation remain a challenge. Shares jumped 10% on the results.