Best Buy (BBY) Stock Falls Sharply on Weak Guidance

November 23, 2021 8:22 AM EST
Get Alerts BBY Hot Sheet
Price: $110.95 -3.33%

Revenue Growth %: +0.5%

Financial Fact:
Revenue: 13.48B

Today's EPS Names:
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Shares of Best Buy (NYSE: BBY) are down 12% in pre-open Tuesday after the company reported a weaker-than-expected outlook for the holiday season.

Best Buy reported Q3 EPS of $2.08 to top the analyst estimate of $1.90. Revenue for the quarter came in at $11.91 billion versus the consensus estimate of $11.56 billion.

“We delivered record Q3 results, including 2% Domestic comparable sales on top of 22.6% last year, as our leaders continued to drive new ways of operating and our employees continued to do amazing things to support our customer’s technology needs in knowledgeable, fast and convenient ways,” said Corie Barry, Best Buy CEO.

For this quarter, the company sees sales at $16.65 billion at the midpoint of the guidance to miss on the consensus of $16.7 billion. Comparable sales growth is expected between -2.0% to +1.0%.

As of yesterday, Best Buy shares were up 37.3% YTD.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Earnings, Guidance, Hot Earnings, Hot Guidance, Momentum Movers, Trader Talk

Related Entities

Pre Market Movers