Best Buy earnings top estimates but retailer’s stock tumbles amid weakening demand, shipping bottlenecks

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Earnings per share: $2.08 adjusted vs. $1.91 expected

Revenue: $11.91 billion vs. $11.58 billion expected

Best Buy shares are falling, despite the company beating third-quarter earnings expectations.

The consumer electronics retailer saw sales jump during the pandemic, as Americans upgraded technology in their home offices and bought new kitchen appliances.

Analysts are worried that the retailer may face challenges ahead, as consumers spend more on travel and entertainment and supply chain costs remain high.

This is another non tech stock that always outperform. The e-commerce operations have been improved and the stores were renovated to meet customers need. The management teams are definitely managing inflation properly and prepared well for the upcoming holiday season.

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h/t  coolcomfort123

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