Best Buy scales back sales outlook as results top expectations

Best Buy surpassed sales expectations for Q2 but expects a lull in tech demand for the rest of the year due to post-pandemic spending patterns and inflation, while anticipating stabilization and growth in the consumer electronics industry next year.

cnbc.com

Relevant topic timeline:

8/28/2023

Best Buy Tops Estimates, Sees Consumer Electronics Demand Improving Next Year

Best Buy surpasses earnings and revenue estimates for the second quarter and anticipates an improvement in consumer electronics demand in the following year.

8/29/2023

Best Buy expects tech demand to hit a low this year

Best Buy warns of declining tech sales and cuts its revenue forecast, reflecting consumer caution around discretionary spending and retail purchases.