Best Buy saw its earnings per share beat expectations, while revenue was slightly down. Combined with the uneasiness over the impact of tariffs, the report sent the consumer tech retailer's stock tumbling.
Walmart and Best Buy both reported strong quarter one earnings this week. Despite the success, both companies are mindful of the increased tariffs which could affect prices for consumers.
Best Buy announced its plans to promote Corrie Barry to CEO effective June 11, 2019. Several analysts provided their thought on the decision, and what the future of the company will look like after Hubert Joly.
A downgrade note from Bank of America Merrill Lynch cited credit card spending data for consumer electronics and toys that slipped 6 percent in November compared to last year.
Despite a relatively strong Q3 earnings report, Best Buy is still under pressure from analysts that resulted in a stock selloff prior to and after Monday night's call.
Best Buy had a strong second fiscal quarter, but a few key data points from its earnings report left analysts a little worried.