Best Buy posts better-than-expected 1Q earnings
May 25, 2023
Best Buy reported earnings per share of $1.15 in the first quarter, better than the $1.11 expected by analysts. The consumer electronics chain’s same-store sales fell more than 10 percent. “Customers are clearly feeling cautious and making tradeoff decisions as they continue to deal with high inflation and low consumer confidence due to a number of factors,” said Best Buy CEO Corie Barry.
Recent News
Diamond Industry Shakeup: Anglo Divorces De Beers
The diamond industry is facing a seismic shift as Anglo American Plc announces plans to part ways with its iconic De Beers business.
Home Depot’s First-Quarter Revenue Disappoints
Home Depot, a major player in the home improvement retail sector, recently released its fiscal first-quarter earnings, revealing a complex picture of consumer behavior influenced by economic factors. While the company’s earnings per share exceeded expectations, its revenue fell short, indicating a trend of deferred spending among customers.
Amazon Web Services CEO Steps Down
In a significant shift within Amazon Web Services (AWS), CEO Andy Jassy recently announced that Adam Selipsky, who has steered the company for the past three years, will be stepping down to pursue fresh challenges.
GameStop Stocks Make a Comeback
GameStop stock skyrocketed by over 60% on Tuesday, following a surge of 74% the previous day.