Earnings: A snapshot of Best Buy’s (BBY) Q2 2024 results

Best Buy Co., Inc. (NYSE: BBY) on Thursday announced financial results for the second quarter of 2024, reporting a decline in revenues and adjusted earnings. Second-quarter profit, adjusted for special items, decreased to $1.22 per share from $1.54 per share a year earlier. On a reported basis, the company posted a net profit of $274 […]

$BBY August 29, 2023 1 min read

NYSE

$BBY · Earnings

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Best Buy Co., Inc. (NYSE: BBY) on Thursday announced financial results for the second quarter of 2024, reporting a decline in revenues and adjusted earnings. Second-quarter profit, adjusted for special items, decreased to $1.22 per share from $1.54 per share a year earlier. On a reported basis, the company posted a net profit of $274 […]
· August 29, 2023

Best Buy Co., Inc. (NYSE: BBY) on Thursday announced financial results for the second quarter of 2024, reporting a decline in revenues and adjusted earnings.

Best Buy Q2 2024 earnings infographic

Second-quarter profit, adjusted for special items, decreased to $1.22 per share from $1.54 per share a year earlier. On a reported basis, the company posted a net profit of $274 million or $1.25 per share in Q2, compared to $306 million or $1.35 per share in the prior-year quarter.

The bottom line was negatively impacted by a 7% decrease in revenues to $9.58 billion. The company also provided guidance for fiscal 2024.

“Our financial results were better than expected, and they reflect a consumer electronics industry that remains challenged due to the pull-forward of demand in prior years and the various macroeconomic factors that we are all too familiar with,” said Best Buy’s CEO Corie Barry.