Best Buy beat revenue and EPS estimates, stock soared 15% on strong guidance

From CNBC: 2024-08-29 13:48:19

Best Buy beat estimates in their fiscal 2025 second quarter, with revenue of $9.29 billion and adjusted EPS of $1.34. The stock soared 15% on strong guidance, increased AI adoption, and lower interest rates. Fiscal Q2 same-store sales dropped 2.3%, but July comps were strong. Best Buy plans to enhance in-store experiences and focus on AI and customer service to drive future growth. CEO Corie Barry sees potential in generative artificial intelligence powering upgrades in tech devices. The company is increasing its 2025 full-year earnings guidance. Continued efforts in improving operational efficiency and leveraging technology are reducing costs and boosting customer service. Booking a profit for Cramer’s charitable trust.



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