Best Buy ticks lower after posting mixed Q1 results and trimming its full-year outlook
The electronics giant is feeling the heat from tariffs and cooling demand.
Best Buy shares fell more than 2% in premarket trading Thursday after the retailer delivered a mixed bag for Q1. Adjusted earnings per share landed at $1.15, beating the $1.09 FactSet estimate, but revenue came in a bit light at $8.77 billion versus the $8.8 billion forecast.
Home theater, appliances, and drones were the biggest drags on comparable sales this quarter. But the declines were partially offset by gains in computing, mobile phones, and tablets.
Looking ahead, Best Buy trimmed its full-year revenue forecast to $41.1 billion to $41.9 billion from $41.4 billion to $42.2 billion, saying the change reflects pressure from ongoing tariffs. EPS guidance now sits at $6.15 to $6.30, slightly ahead of analysts’ expectations.
Prior to the earnings release, Best Buy shares were down about 17% year to date.
