Benzinga | Nov 23, 2021 11:52AM EST

Why Best Buy Shares Are Falling Today

Best Buy Co Inc (NYSE:BBY) is trading significantly lower Tuesday after the company announced its fiscal 2022 third-quarter financial results and issued comparable sales guidance below expectations.

Best Buy reported quarterly earnings of $2.08 per share, which beat the estimate of $1.91 per share. The company reported quarterly revenue of $11.91 billion, which beat the estimate of $11.56 billion.

Best Buy issued fiscal 2022 fourth-quarter comparable sales growth guidance of -2% to 1%.

"Our omnichannel capabilities and our ability to inspire and support across all of technology in a way no one else can means we are uniquely positioned to seize the opportunity in this environment and in the future," said Corie Barry, CEO of Best Buy.

Best Buy is the largest pure-play consumer electronics retailer in the United States.

See Also: Expert Ratings For Best Buy Co

BBY Price Action: Best Buy has traded as high as $141.97 and as low as $95.93 over a 52-week period.

The stock was down 15.10% at $117.34 at time of publication.

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