Earnings Movers (08-29-23)
It was another mixed earnings day, so let’s recap some of the biggest movers. 👇
First, let’s start with electronics retailer Best Buy, which beat earnings and revenue expectations by $0.16 and $0.08 billion, respectively. CEO Corie Barry reiterated her belief that this year will be “the low point in tech demand,” with the consumer electronics industry seeing stabilization next year via the natural upgrade and replacement cycles. With that said, Best Buy continues to see consumers revert to “pre-pandemic behavior.” They’re looking for great deals and convenience, so promotions will be key to spurring demand. 🏬