Best Buy's revenue beat Wall Street's revenue estimates for the fiscal first quarter.
Customers shop at a Best Buy store on August 24, 2021 in Chicago, Illinois. Best Buy reported an increase in second-quarter sales of nearly 20% as consumers purchased electronics to adjust to lifestyle changes related to the ongoing pandemic.shares rose early Tuesday, as the consumer electronics retailer beat Wall Street's revenue estimates for the fiscal first quarter even as customers faced high levels of inflation and the company lapped a year-ago period fueled by Covid stimulus.
Here's how the retailer did in the three-month period ended April 30 compared with what Wall Street was anticipating, according to a survey of analysts by Refinitiv:Revenue: $10.65 billion vs. $10.41 billion expectedmillion, or $1.49 per share, down from $595 million, or $2.32 per share, a year earlier. Excluding items, it earned an adjusted $1.61 per share.Best Buy's shares hit a 52-week low on Friday. On Monday, shares rose less than 1% to close at $72.59.
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