Best Buy surges on better-than-expected Q1 sales, earnings

Best Buy is on pace for its best trading day in more than a year in premarket trading Thursday, following Q1 earnings that beat Wall Street’s expectations.

In its first quarter, the retailer reported:

Adjusted earnings of $1.28 per share, compared to estimates of $1.23 per share from analysts polled by FactSet.
$8.94 billion in sales, versus the $8.82 billion consensus estimate.

Best Buy reaffirmed its full-year guidance and said it expects comparable sales growth of 1% in Q2. (The same quarter last year saw the launch of Nintendo’s Switch 2.)

The company will replace CEO Corie Barry with company veteran Jason Bonfig in October of this year.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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