Best Buy Stock Is Surging Today: What's Going On?

Best Buy Co BBY shares are trading higher Tuesday after the company turned in better-than-expected financial results for the third-quarter. 

Best Buy reported third-quarter revenue of $10.59 billion, which beat average analyst estimates of $10.31 billion, according to Benzinga Pro. Domestic revenue decreased 10.8% year-over-year, while international revenue was down 14.9%. Comparable sales declined 10.4% year-over-year.

Best Buy reported third-quarter earnings of $1.38 per share, which beat average estimates of $1.03 per share. 

"Throughout the quarter, we were committed to balancing our near-term response to current conditions and managing well what is in our control, while also advancing our strategic initiatives and investing in areas important for our long-term growth," said Corie Barry, CEO of Best Buy.

Best Buy expects full-year comparable sales to decline approximately 10%.

The company also resumed its share repurchase program and said it expects to spend $1 billion on repurchases this year. 

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BBY Price Action: Best Buy has a 52-week high of $112.96 and a 52-week low of $60.78.

The stock was up 8.43% at $76.80 Tuesday morning.

Photo: courtesy of Best Buy.