Best Buy Co Inc (BBY) Stock Tumbles on News of Amazon’s New ‘Geek Squad’ Service

The service offers help setting up smart homes

Best Buy Co Inc (NYSE:BBY) stock was down today following reports of Amazon.com, Inc.’s (NASDAQ:AMZN) new tech service.

The service that Amazon is offering is called “Alexa Smart Home Consultations.” This service is similar to Best Buy Co Inc’s “Geek Squad” service, which handles installing technology and resolving issues in customers’ homes.

The new service from Amazon that likely has BBY stock falling is specifically focused on getting customers’ smart homes up and running. It has been around for some time, but hasn’t garnered much attention. The service is also currently only available in select areas.

Customers that do order devices for a smart home through Amazon can chose to have the company install them for a fee. The process takes longer for more devices and can include more fees. Those ordering from areas where the service is available will have the option of selecting installation when checking out, reports Recode.

Here are the areas where customers can use the new Amazon service.

  • Seattle, Wash.
  • Portland, Ore.
  • San Francisco, Calif.
  • San Diego, Calif.
  • Los Angeles, Calif.
  • Orange County, Calif.
  • San Jose, Calif.

You can follow this link to learn more about the new Amazon service that is taking on Best Buy Co Inc’s Geek Squad, and see why exactly is may have holders of BBY stock worried.

BBY stock was down 6% as of Monday afternoon, but is up 26% year-to-date. AMZN stock was up 1% as of Monday afternoon and is up 33% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/07/best-buy-amazon-geek-squad-bby-amzn/.

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