Best Buy beats 2nd-quarter net income expectations, misses revenue forecasts

Economic Indicators Associated Press

Best Buy Co. (BBY) on Tuesday reported fiscal second-quarter earnings of $146 million.

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The Richfield, Minnesota-based company said it had profit of 42 cents per share. Earnings, adjusted for one-time gains and costs, came to 44 cents per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The consumer electronics retailer posted revenue of $8.9 billion in the period, falling short of Street forecasts. Analysts expected $8.97 billion, according to Zacks.

Best Buy shares have declined 20 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 8 percent.