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Best Buy Revenue Tops Estimates. The Stock’s Gains Didn’t Last.

·3 min read
Best Buy Revenue Tops Estimates. The Stock’s Gains Didn’t Last.
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Best Buy ‘s first-quarter earnings were in line with analysts’ expectations, but the electronics retailer reported disappointing same-store sales in the U.S. and lowered its full-year guidance. Best Buy (ticker: BBY) stock was initially rising 8.6% in premarket trading Tuesday, but quickly gave up the gains, sliding 2.7% to $70.61. Same-store sales in the U.S. during the quarter fell 8.5%, narrower than what analysts expected.