Why Best Buy Shares Are Trading Higher Today

Best Buy Co Inc (NYSE: BBY) is trading higher Tuesday after the company announced better-than-expected second-quarter financial results and issued guidance above estimates. 

Best Buy reported quarterly adjusted earnings of $2.98 per share, which beat the estimate of $1.85 per share. The company reported quarterly revenue of $11.85 billion, which beat the estimate of $11.49 billion. 

Best Buy expects third-quarter enterprise revenue to be in a range of $11.4 billion to $11.6 billion versus the estimate of $10.55 billion. The company expects full-year enterprise revenue to be in a range of $51 billion to $52 billion versus the estimate of $49.3 billion. 

“Customer demand for technology products and services during the quarter was extraordinarily high,” said Corie Barry, CEO of Best Buy.

Price Action: Best Buy has traded as high as $128.57 and as low as $95.93 over a 52-week period.

At last check Tuesday, the stock was up 5.66% at $118.62.

Photo by Mike Mozart from Flickr.