Customers wait outside of a Best Buy store in downtown Toronto, Ontario on November 23, 2020 to pick up their online orders.
Geoff Robbins | AFP | Getty Images
Best Buy‘s fiscal third-quarter earnings beat estimates on Tuesday, yet shares tumbled as investors worried about rising shipping costs and weaker demand for consumer electronics.
Shares fell more than 9% in premarket trading.
Here’s what the company did for its fiscal third quarter ended Oct. 30 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Earnings per share: $2.08 adjusted vs. $1.91 expectedRevenue: $11.91 billion vs. $11.58 billion expected
Best Buy’s third-quarter net income rose to $499 million, or $2.00 per share, from $391 million, or $1.48 per share, a year earlier.
Excluding items, it earned $2.08 per share, higher than the $1.91 per share expected by analysts surveyed by Refinitiv.
Net sales rose to $11.91 billion from $11.85 billion a year earlier, outpacing estimates of $11.58 billion.
As of Monday’s close, Best Buy shares are up 38% this year. Shares touched a 52-week high of $141.97 on Monday and closed at $138.00, up 1.37%. The company’s market value is $33.94 billion.
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