Best Buy beat earnings estimates as its sales decline stabilizes

On Thursday, the company reported revenue of $9.29 billion, compared to estimates of $9.24 billion. Adjusted earnings per share jumped 10% year over year to $1.34, more than the $1.16 anticipated.

"What concerns us are the share losses of Best Buy in major appliances and TVs," Evercore ISI analyst Greg Melich wrote in a client note prior to result. Per a survey from Morgan Stanley analyst Alex Straton, among consumers who intend to shop for back-to-school, spending on electronics saw a 4% increase year over year, which is up from roughly flat in last year's survey. Straton called this a "potential positive read through" for Best Buy.Following its Q2 earnings results, the company updated its full year outlook. It now expects revenue to come in between $41.3 billion to $41.

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