Best Buy shares up 4% after quarterly report

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Shares of US electronics retailer Best Buy surged 4.56% to $75.9 per share. As of 17:20, quotes have corrected   to $74.31. This is evidenced by trading data on the New York Stock Exchange.

Best Buy's first-quarter fiscal year 2023 ended May 1 revenue beat analysts' estimates to $10.65 billion, up 2.31% from the consensus estimate of $10.41 billion. Net income fell 43% to $341 million , or $1.49 per share; adjusted earnings decreased to $1.57 versus $1.61 expected.

The company lowered its FY 2023 earnings guidance to $48.3-49.9 billion from $49.3-50.8 billion in anticipation of a 3-6% fall in like-for-like sales from previously expected 1-4%. However, Best Buy's board of directors recommended a quarterly dividend of $0.88 per share. The due date has been set for July 5th.

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A change in the rate of stocks or currencies in the direction opposite to the main trend of market prices. For example, the growth of quotations after a weekly decline in the price of a share. The correction is caused by the execution of stop orders, after which the movement of quotes resumes according to the main market trend.