Best Buy drops despite upbeat annual forecasts
BBY•Best Buy shares fall after updated outlook
- Shares of electronics retailer Best Buy were down about 3% at $85.35 in premarket trading.
- The company sees adjusted EPS in the range of $6.70 to $6.90, compared with prior guidance of $6.30 to $6.60.
- It expects annual total revenue to be in the range of $42.3 billion to $42.8 billion, compared with its earlier forecast of $41.2 billion to $42.1 billion.
- Second-quarter revenue was $9.78 billion versus analysts' estimate of $9.59 billion, according to data compiled by LSEG.
- Q2 adjusted EPS was $1.47, beating the estimate of $1.38.
- As of the last close, the stock was up 31% year to date.
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