The Latest Breaking News from Best Buy

Owning retail stocks this earnings season has been painful. Not only are issues getting annihilated off their own reports, but they are also getting pounded when their peers report disappointing results, both before and after their own results have been posted.

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 300 points on Tuesday.

Best Buy Co (NYSE: BBY) shares are volatile Tuesday following the company's first-quarter financial results, which were released before the market opened.

Best Buy Co Inc (NYSE:BBY) reported a first-quarter FY23 sales decline of 8.5% year-on-year to $10.65 billion, beating the consensus of $10.43 billion. Domestic revenue fell 8.7% Y/Y, and International revenue declined 5.4%. Enterprise comparable sales decreased 8% versus 37.2% growth last year. Gross profit decreased 13.3% Y/Y to $2.4 billion, and the…

The stock market gave back much of the prior day's rally as more companies and the latest economic data signaled weakening economic conditions.

U.S. stocks traded lower this morning, with the Dow Jones dropping more than 100 points on Tuesday.

The Dow Jones Industrial Average dropped Tuesday, as Snap stock plunged 39% after issuing a profit and sales warning for the second quarter.

Consumer electronics retailer Best Buy on Tuesday matched Wall Street's target for earnings in its fiscal first quarter on better-than-expected sales.

“Macro conditions worsened since we provided our guidance in early March ... those trends have continued into Q2 and, as a result, we are revising our sales and profitability expectations for the year," said CEO Corie Barry.