UPDATE: Best Buy Reports Upbeat Q1 Profit

Best Buy Co Inc BBY reported better-than-expected fiscal first-quarter profit on Tuesday. Best Buy's profit dropped to $136 million, or $0.35 per share, from $155 million, or $0.36 per share, in the year-earlier quarter. Its sales surged 1.4% to $10.9 billion. Best Buy's comparable sales declined 1.7%. However, analysts were expecting earnings of $0.33 per share on revenue of $10.70 billion. Best Buy kept its full-year forecast for adjusted profit of $3.30 to $3.55 per share. The company projects sales to be at the higher end of its earlier guided range of $51 billion to $52.5 billion. Analysts expected profit of $3.46 per share for the year. Best Buy shares jumped 6.28% to $30.63 in pre-market trading. Read more from Benzinga's Company news.