Best Buy earnings beat, stock tanks 10%

Best Buy reported third-quarter earnings before the market open on Thursday.

The consumer electronics retailer’s earnings surpassed analysts estimates, adjusted earnings per share of $US0.41 versus $US0.35 expected according to Bloomberg.

Revenues totaled $US8.82 billion, virtually in line with the estimate for $US8.83 billion.

Total comparable store sales grew 0.8%, just below the expectation for 1%.

The stock fell by as much as 10% pre-market.

More to come …

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