Best Buy stock was down on Tuesday despite the company reporting an earnings beat for its fiscal second quarter of 2019.
During its most recent earnings report, Best Buy (NYSE:BBY) reported earnings per share of 91 cents. This is better than its earnings per share of 69 cents from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 83 cents for the quarter, but wasn’t enough to save Best Buy stock today.
Best Buy’s net income reported in its fiscal second quarter of the year came in at $244 million. The electronics retailer’s net income from its fiscal second quarter of 2018 was $209 million.
Operating income reported by Best Buy for its fiscal second quarter o 2019 was $335 million. This is an increase over the company’s operating income of $321 million that was reported during the same time last year.
Best Buy stock was also down even though the company reported revenue of $9.38 billion for its fiscal second quarter of the year. This is up from its revenue of $8.94 billion that was reported in its fiscal second quarter of the previous year. It also comes in above analysts’ revenue estimate of $9.28 billion for the period.
Best Buy’s outlook for its fiscal third quarter of 2019 may be part of what is dragging down Best Buy stock today. The company says it is expecting earnings per share of 79 cents and 84 cents on revenue of $9.4 billion to $9.5 billion for the quarter. Wall Street is looking for earnings per share of 92 cents on revenue of $9.28 billion for the period.
BBY stock was down 6% as of Tuesday morning, but is up 18% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.