American consumer electronics retailer Best Buy Co., Inc. (BBY) reported stellar second-quarter results driven by strong demand for technology products and services. Notably, consumers' need for technology saw a dramatic increase, reflecting permanent lifestyle changes like hybrid work and the streaming of entertainment content. The company posted adjusted earnings of $2.98 per share, up 74% year-over-year and significantly better than analysts’ estimates of $1.85 per share. (See Best Buy stock charts on TipRanks) To add to that, revenue climbed 24% compared to the year-ago period to $11.85 billion and outpaced the Street’s estimate of $11.49 billion.
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Best Buy (NYSE:BBY)
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Best Buy (NYSE:BBY)
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