A Best Buy store stands outside of a Brooklyn mall on August 29, 2023 in New York City.
Best Buy on Thursday missed Wall Street's quarterly sales expectations, but stressed higher profits and lower costs as softer demand for consumer electronics continues.
Adjusting for one-time items, including restructuring charges, Best Buy reported earnings of $1.20 per share.
She did not specify the number of layoffs, but said Best Buy would invest in areas that could drive growth, like artificial intelligence.
Best Buy on Thursday adjusted its full-year capital expenditures forecast to an estimate of $750 million, down from as much as $800 million.
Persons:
Corie Barry, Barry, Matt Bilunas
Organizations:
LSEG, Apple, Microsoft
Locations:
Brooklyn, New York City, U.S, Minneapolis