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:
MCLD, LI, FRO, More
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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.



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