BEST BUY REPORTS 3Q RESULTS THAT EXCEED WALL STREET VIEWS
AppleMagazine|AppleMagazine #474
Best Buy Co. reported fiscal third-quarter results that blew through analysts’ expectations as the nation’s largest consumer electronics retailer enjoyed surging demand for items like home theater and appliances that help people learn, cook, work and connect in their homes during the pandemic.
BEST BUY REPORTS 3Q RESULTS THAT EXCEED WALL STREET VIEWS

The Richfield, Minnesota-based retailer, said that third-quarter profits rose 33% while sales were up 21%. Sales at stores opened at least a year rose 23%, while online sales in the U.S. surged 174%.

Still, shares fell 5% in Tuesday morning trading as Best Buy warned that sales could slow down during the current quarter as the number of virus cases surge.

“As we start the fourth quarter, the demand for the products and services we sell remains at elevated levels, but similar to last quarter, it continues to be difficult for us to predict how sustainable these trends will be,” Matthew Bilunas, Best Buy’s chief financial officer, told analysts during the call. “In fact, we are seeing COVID cases surge throughout the U.S. and Canada at a time of significant holiday volume through our stores, online and supply chain. “

Bilunas also noted other factors such as potential government stimulus, the risk of continued high employment and the availability of inventory like computers to match customer demand.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM APPLEMAGAZINEView all
A TOP ENERGY STRATEGIST IS OPTIMISTIC ABOUT CLIMATE CHANGE. AND HE HAS THE DATA TO BACK THAT UP
AppleMagazine

A TOP ENERGY STRATEGIST IS OPTIMISTIC ABOUT CLIMATE CHANGE. AND HE HAS THE DATA TO BACK THAT UP

When it comes to energy, Jarand Rystad is the numbers guy. The former McKinsey Company partner founded Oslo-based Rystad Energy, an independent research and energy intelligence company that sells data and analysis on oil, gas, coal and renewable forms of energy.

time-read
4 mins  |
AppleMagazine #676
CHINA ANNOUNCES MORE SUPPORT FOR ECONOMY BUT HOLDS BACK ON MAJOR SPENDING PACKAGE
AppleMagazine

CHINA ANNOUNCES MORE SUPPORT FOR ECONOMY BUT HOLDS BACK ON MAJOR SPENDING PACKAGE

China’s economic planning agency outlined details of measures aimed at boosting the economy this week but refrained from major spending initiatives.

time-read
2 mins  |
AppleMagazine #676
GOOGLE SAYS IT WILL STOP LINKING TO NEW ZEALAND NEWS IF A LAW PASSES FORCING IT TO PAY FOR CONTENT
AppleMagazine

GOOGLE SAYS IT WILL STOP LINKING TO NEW ZEALAND NEWS IF A LAW PASSES FORCING IT TO PAY FOR CONTENT

Google said it will stop linking to New Zealand news content and will reverse its support of local media outlets if the government passes a law forcing tech companies to pay for articles displayed on their platforms.

time-read
2 mins  |
AppleMagazine #676
FACEBOOK, YOUTUBE AND TIKTOK USERS IN EUROPE GET FORUM TO CHALLENGE SOCIAL MEDIA CONTENT DECISIONS
AppleMagazine

FACEBOOK, YOUTUBE AND TIKTOK USERS IN EUROPE GET FORUM TO CHALLENGE SOCIAL MEDIA CONTENT DECISIONS

Social media users in the European Union will soon have a new forum to challenge decisions by platforms to remove posts and videos for breaking their rules or leave up others that may violate them.

time-read
3 mins  |
AppleMagazine #676
'JOKER 2' STUMBLES AT BOX OFFICE AMID POOR REVIEWS FROM AUDIENCES AND CRITICS
AppleMagazine

'JOKER 2' STUMBLES AT BOX OFFICE AMID POOR REVIEWS FROM AUDIENCES AND CRITICS

“Joker: Folie à Deux” is the No. 1 movie at the box office, but it might not be destined for a happy ending.

time-read
4 mins  |
AppleMagazine #676
CONTROL THE PATH AND POWER OF HURRICANES LIKE MILTON? FORGET IT ,SCIENTISTS SAY
AppleMagazine

CONTROL THE PATH AND POWER OF HURRICANES LIKE MILTON? FORGET IT ,SCIENTISTS SAY

Hurricanes are humanity’s reminder of the uncontrollable, chaotic power of Earth’s weather.

time-read
3 mins  |
AppleMagazine #676
JUDGE RULES THE FTC CAN PROCEED WITH ANTITRUST LAWSUIT AGAINST AMAZON, TOSSES OUT FEW STATE CLAIMS
AppleMagazine

JUDGE RULES THE FTC CAN PROCEED WITH ANTITRUST LAWSUIT AGAINST AMAZON, TOSSES OUT FEW STATE CLAIMS

A federal judge said the Federal Trade Commission can proceed with its landmark antitrust lawsuit against Amazon. But, he also gave the company a small victory by tossing out a few claims made by states involved in the legal fight.

time-read
2 mins  |
AppleMagazine #676
HYUNDAI HAS BEGUN PRODUCING ELECTRIC SUVS AT ITS $7.6 BILLION PLANT IN GEORGIA
AppleMagazine

HYUNDAI HAS BEGUN PRODUCING ELECTRIC SUVS AT ITS $7.6 BILLION PLANT IN GEORGIA

Hyundai has begun producing electric SUVs in Georgia less than two years after breaking ground on its sprawling, $7.6 billion manufacturing plant west of Savannah.

time-read
1 min  |
AppleMagazine #676
A SPACECRAFT IS ON ITS WAY TO A HARMLESS ASTEROID SLAMMED BY NASA IN A PREVIOUS SAVE-THE-EARTH TEST
AppleMagazine

A SPACECRAFT IS ON ITS WAY TO A HARMLESS ASTEROID SLAMMED BY NASA IN A PREVIOUS SAVE-THE-EARTH TEST

A spacecraft blasted off Monday to investigate the scene of a cosmic crash.

time-read
3 mins  |
AppleMagazine #676
FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION
AppleMagazine

FEDERAL JUDGE ORDERS GOOGLE TO OPEN ITS ANDROID APP STORE TO COMPETITION

A federal judge this week ordered Google to tear down the digital walls shielding its Android app store from competition as punishment for maintaining an illegal monopoly that helped expand the company’s internet empire.

time-read
3 mins  |
AppleMagazine #676