Investing.com -- Best Buy (NYSE: BBY) reported first-quarter results that exceeded analyst expectations, sending its shares almost 10% higher in premarket trading.

Adjusted earnings per share came in at $1.28, beating the consensus estimate of $1.22 by $0.06. Revenue reached $8.94 billion, surpassing the $8.82 billion estimate and marking a 1.9% increase from $8.77 billion in the same quarter last year.

The retailer posted comparable sales growth of 2.0%, driven by strong performance in gaming, computing, mobile phones and services. This represented a significant improvement from the 0.7% decline in the prior-year quarter.

"Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives," said Corie Barry, Best Buy CEO.

Shares jumped 9.9% following the announcement.

Best Buy maintained its full-year fiscal 2027 guidance, projecting adjusted diluted EPS of $6.30 to $6.60. The midpoint of $6.45 falls slightly below the analyst consensus of $6.48. The company expects revenue between $41.2 billion and $42.1 billion, with the midpoint of $41.65 billion also trailing the consensus estimate of $41.75 billion.

Domestic segment revenue increased 1.5% to $8.25 billion, while international revenue rose 7.3% to $687 million. The domestic gross profit rate improved to 23.7% from 23.5%, supported by growth in Marketplace and Best Buy Ads initiatives.

CFO Matt Bilunas noted that comparable sales started strong in May, with month-to-date growth up high single digits. The company expects second-quarter comparable sales growth of approximately 1.0% and an adjusted operating income rate of about 3.9%.