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Best Buy Q3 solid, but later iPhone X launch dinged revenue upside



Best Buy's commercial enterprise third quarter results were for the most part in line with expectations, however the temporal arrangement of Apple's iPhone X launch provided a wind to revenue.

The retail merchant, that has shifted to associate degree omnichannel model well because the business has struggled, reportable commercial enterprise third quarter earnings of seventy eight cents a share on revenue of $9.32 billion, up from $8.94 billion a year past. Same store sales were up four.4 p.c within the third quarter.



Best Buy's earnings were in line with Wall Street estimates, however sales fell wanting the $9.36 billion expected. the corporate same that revenue within the transportable class was down by over $100 million as a result of "a major phone launch failed to happen till Gregorian calendar month." we all know nameless phone is iPhone X.


Nevertheless, Best Buy's quarter was solid. on-line sales were up twenty two.3 p.c to $1.1 billion.

As for the outlook, Best get same it expects commercial enterprise 2018 revenue growth of four p.c to four.8 p.c with non-GAAP operative financial gain growth of seven p.c to nine.5 percent. That steerage is stronger than what Best get antecedently projected.



For the fourth quarter, Best get projected revenue of $14.2 billion to $14.5 billion with non-GAAP earnings of $1.89 a share to $1.99 a share. For commercial enterprise 2018, Best get sees revenue of $41 billion to $41.3 billion.

CEO Hubert Joly same the corporate was "excited regarding our plans for vacation, together with a curated assortment of nice new technology product, free shipping with no minimums, and a variety of recent capabilities like our new In-Home adviser program, associate degree updated gift center, and same-day delivery in forty cities."

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