Best Buy Earnings Plunge 90 Percent

Best Buy Tuesday reported a profit of $12 million for the most recent quarter, a 90 percent drop from the same time last year. The company also suspended its earnings guidance.

The results missed analyst estimates, the AP reported.

Revenue dropped 3.2 percent at domestic stores open more than 13 months. The company listed tablets, mobile phones, appliances and E-readers as growth categories, while declines were seen in gaming, digital imaging, televisions and notebooks.

The results came a day after Hubert Joly was named the company’s next CEO, amid a much-publicized takeover attempt by company founder Richard Schulze.

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Comments
  • Steve Brown

    Ouch!

  • bdd

    good hope they go under

  • CC II

    Time to pull the plug Wall St. This one’s brain dead…

  • Jeff Stipe

    Not shocking now that all the profitability has been taken away..it is only a matter of time before they go the way of Circuit City!

    Manufacturers…are you paying attention!!!