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Best Buy is surging after an earnings beat
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Best Buy reported earnings on Thursday morning, beating on earnings and revenues in the first quarter.
The consumer electronics company reported earnings per share of 37 cents, beating analysts' forecasts for earnings of 29 cents, according to Bloomberg.
The company posted revenues of $8.56 billion, versus forecasts for $8.46 billion.
The stock rose by up to 10% in pre-market trading, after closing down 3% at $33.78 per share on Wednesday.
In the release, CEO Hubert Joly wrote: "Enterprise revenue of $8.6 billion, in addition to our non-GAAP operating income rate and non-GAAP diluted EPS, all exceeded our expectations during the quarter due to a stronger-than-expected performance in the Domestic business."
"While the Consumer Electronics industry is subject to product cycles, we are excited about the role that technology plays in people’s lives and the opportunities that this creates."
Best Buy's domestic revenues grew 1.4% to $7.9 billion.
But international sales tumbled, down 22.1% to $668 million. The company said the strong dollar, and weakness in Canada's consumer electronics industry were responsible for the drop.
It expects international revenues to decline by between 30% and 35% in the second quarter for these same reasons.
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