Best Buy Co Inc BBY is trading higher Thursday morning after the company announced better-than-expected earnings results attributed to very high demand for technology products and services.
What Happened: Best Buy reported quarterly earnings of $2.23 per share, which beat the estimate of $1.37 per share. The company reported quarterly revenue of $11.64 billion, which beat the estimate of $10.34 billion.
Best Buy raised its full-year enterprise comparable sales growth outlook to 3% to 6% and said it expects share repurchases of approximately $2.5 billion.
“Customer demand for technology products and services during the quarter was extraordinarily high. This demand is being driven by continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertaining, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment," said Corie Barry, CEO of Best Buy.
Related Link: Retail Earnings Parade Stretches Into New Week With Best Buy, Costco, Nordstrom
Price Action: Best Buy traded as high as $128.57 and as low as $75.23 over a 52-week period.
At last check Thursday, the stock was up 3.20% at $120.70.
Photo by Mike Mozart from Flickr.
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