Technology

Best Buy slides 9% on weak holiday sales and soft 2022 revenue guidance

Posted On: Apr 17, 2021   |   Posted By: Business Insider

Best Buy slides 9% on weak holiday sales and soft 2022 revenue guidance

Summary List Placement Best Buy stock slumped Thursday, hurt by fourth-quarter revenue that fell short of Wall Street's target and the electronic retailer's outlook for a potential decline in same-store sales in the current quarter.
Revenue was $16.94 billion for the period ended January 31. That result missed expectations of $17.2 billion but was higher than $15.2 billion in revenue generated in the same quarter last year.
Demand for technology "remains at elevated levels" at the start of fiscal 2022 but the company said there's also still significant uncertainty about how customer trends will develop with the COVID-19 pandemic still ongoing. It forecast a decline of 2% to growth of 1% in comparable sales for the fiscal year.
Shares slumped as much as 9% with an intraday low of $103.39 then trimmed the loss to 5.8%. Volume was heavy, with 4.1 million shares traded to outpace average daily volume of 3.04 million.
The same-store sales outlook "assumes that customers resume or accelerate spend in areas that...

Continue reading ...

 






The last Posts from Business Insider



Brothers Harry and William seen chatting after Prince Philip's funeral...

Brothers Harry and William seen chatting after Prince Philip's funeral despite strained relationship

Prince William and his brother Prince Harry set their rift aside at their grandfather's funeral. Read more ...

Iran identifies suspect behind ‘EXPLOSION' at Natanz nuclear site, says he's...

Iran identifies suspect behind ‘EXPLOSION' at Natanz nuclear site, says he's fled the country

Iran's intelligence service has named a suspect in the 'explosion' that damaged the Natanz power plant last week. It says the culprit, identified as a man from a town near the... Read more ...

Chelsea crush Man City's quadruple dream as Tuchel revolution rolls on

Chelsea crush Man City's quadruple dream as Tuchel revolution rolls on

Thomas Tuchel's Chelsea have ended Manchester City's hopes of an historic quadruple as a solitary Hakim Ziyech strike was enough to send Roman Abramovich's charges to their... Read more ...

‘Amazing feeling': Russia's Andrey Rublev rolls into maiden Masters 1000...

‘Amazing feeling': Russia's Andrey Rublev rolls into maiden Masters 1000 final in Monte Carlo

Andrey Rublev continued his strong start to the season as the rising Russian star swept past Norway's Casper Ruud in straight sets in Monte Carlo to book a first Masters 1000... Read more ...

Biden plays first round of golf as president

Biden plays first round of golf as president

Joe Biden is playing his first round of golf as president Saturday at Wilmington Country Club in Delaware. Biden is golfing with Ron Olivere, the father-in-law of Biden's late... Read more ...

Lance Palmer: I see my pace and pressure being too much for Bubba Jenkins

Lance Palmer: I see my pace and pressure being too much for Bubba Jenkins

Two-time PFL featherweight champion Lance Palmer doesn't think Bubba Jenkins can keep up with him. Palmer faces Jenkins on the main card of PFL 2021, Week 1 on April 23, which... Read more ...

Meghan Markle watched funeral on TV, sent handwritten card with wreath

Meghan Markle watched funeral on TV, sent handwritten card with wreath

Officially unable to attend Prince Philip's funeral because of her pregnancy, Meghan Markle sent a handwritten card for the Duke of Edinburgh that was placed on a wreath at St... Read more ...

Illinois health officials report 3,194 new cases of COVID-19, 23 deaths

Illinois health officials report 3,194 new cases of COVID-19, 23 deaths

CHICAGO - The Illinois Department of Public Health on Saturday reported 3,194 new confirmed and probable cases of coronavirus disease in the state, including 23 additional... Read more ...

Cook County prosecutor who gave misleading description of Adam Toledo...

Cook County prosecutor who gave misleading description of Adam Toledo shooting video placed on leave: report

CHICAGO - A Cook County prosecutor was reportedly placed on leave for the misleading description he gave in court about the fatal shooting of Adam Toledo before the video... Read more ...

COVID deaths top 3 million worldwide

COVID deaths top 3 million worldwide

The death toll from COVID-19 has topped 3 million worldwide, according to Johns Hopkins University. The World Health Organization puts the grim number still slightly below 3... Read more ...