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Best Buy Raises Profit Guidance, Stock Up 7% After Q2 Earnings Beat

Aug 29, 2024, 11:32 AM

Best Buy reported better-than-expected earnings for the second quarter of 2024, with adjusted earnings per share (EPS) at $1.34, surpassing the estimated $1.16. The company's revenue reached $9.29 billion, slightly above the forecasted $9.24 billion. Best Buy also raised its full-year profit guidance, now expecting adjusted EPS to range from $6.10 to $6.35, an increase from the previous range of $5.75 to $6.20. The company's CEO highlighted the strong sales and profitability results, while the CFO noted expectations for continued industry stabilization in the latter half of the year. The positive earnings report led to a 7% increase in Best Buy's stock value, driven by strong sales of tablets and computers. The gross margin was reported at 23.5%, meeting expectations.