Best Buy, the electronics retailer, posted third quarter earnings well above analysts’ expectations on Thursday.
The company announced earnings of $0.62 per share against expectations of only $0.47 per share. Revenue also came in ahead at $8.95 billion versus a $8.85 billion projection.
Sales also topped expectations with comparable store sales were up 1.8% from the same quarter last year, analysts had only expected a rise of 1.0%.
Additionally, guidance for the fourth quarter came in strong. Best Buy expects the critical holiday fourth quarter to post earnings per share of $1.62 to $1.67. Analysts had only expect guidance of $1.58 a share.
Following the news, shares of Best Buy were surging 8.2% to $43.75 per share, a $3.30 gain, as of 7:48 a.m. ET.
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