RICHFIELD, Minn. (AP) — RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Tuesday reported fiscal third-quarter net income of $140 million.
The Richfield, Minnesota-based company said it had profit of 66 cents per share. Earnings, adjusted for one-time gains and costs, were $1.40 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.
The consumer electronics retailer posted revenue of $9.67 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $9.58 billion.
Best Buy expects full-year earnings in the range of $6.25 to $6.35 per share, with revenue in the range of $41.65 billion to $41.95 billion.
Best Buy shares have declined 12% since the beginning of the year, while the S&P’s 500 index has climbed 14%. The stock has dropped 16% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY
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