Retail store chain Best Buy Co., Inc. (NYSE: BBY) reported stronger-than-expected earnings and revenues for the third quarter of 2021. However, the company’s stock dropped on Tuesday morning following the announcement.
During the three-month period, there was a 21% increase in revenues to $11.85 billion, which also surpassed the consensus estimates.
Consequently, adjusted earnings moved up to $2.06 per share from $1.13 per share in the third quarter of 2020. Net income, including one-off items, was $391 million or $1.48 per share, compared to $293 million or $1.10 per share in the year-ago period.
Read management/analysts’ comments on quarterly results
Shares of Best Buy maintained a steady uptrend since the beginning of the year and reached a record high this month. The stock closed the last trading session higher but declined early Tuesday soon after the earnings release.