RTTNews | Nov 23, 2021 09:59AM EST

09:59 Tuesday, November 23, 2021 (RTTNews.com) - Shares of Best Buy Co., Inc. (BBY) are down more than 15% in the morning trade on Tuesday despite reporting better-than-expected third-quarter results. The consumer technology products retailer also marginally raised its full-year outlook, better than analysts' view.

Net income in the third quarter increased to $499 million or $2 per share from $391 million or $1.48 per share last year.

Excluding items, earnings of $2.08 per share beat the average estimate of 23 analysts polled by Thomson Reuters at $1.91 per share.

Revenue for the quarter increased to $11.91 billion from $11.85 billion a year ago. The consensus estimate was for $11.58 billion.

Looking forward to the fourth quarter, revenue is expected between $16.4 billion and $16.9 billion. Analysts see revenue of $16.7 billion for the quarter.

For the full year, the company expects revenue to be in the range of $51.8 billion to $52.3 billion, slightly up from the prior outlook of $51.0 billion to $52.0 billion. The consensus estimate stands at $51.57 billion.

BBY, currently at $116.81, has traded in the range of $95.93- $141.97 in the last 52 weeks.

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