Best BuyHowever, earnings in the fiscal third quarter beat expectations on Tuesday. Shares tumbled because investors were concerned about increasing shipping costs and lower demand for electronics.

Premarket trading saw shares fall by nearly 11%

Based on Refinitiv’s survey of analysts, here is what the company accomplished in its third fiscal quarter ending Oct. 30, compared to what Wall Street expected.

• Earnings Per Share: 2.08 adjusted, versus $1.91 anticipated
• Revenue: $11.91billion, vs. $11.58billion expected

The pandemic saw sales rise at the electronics retailer, which was boosted by the purchase of new kitchen appliances and upgrades to technology. Best Buy reported that it continued to see these trends in the third quarter as appliances and home theaters boosted sales.

The quarter saw a 2% increase in same-store sales, compared to 22.6% in the previous year. The company had predicted that same-store sales would be flat, or even decline 3% during the quarter.

Analysts are worried that Best Buy will face a challenging year as customers shift their spending towards entertainment and travel. That may force the retailer to offer more promotions on laptops, smartphones and more — even as supply chain related costs remain high.

Best Buy’s 3rd quarter net income increased to $499million, or $2.00 per Share, from $391million, or $1.48 Per Share, one year ago.

It earned $2.08 per Share, excluding items. This is higher than what analysts polled by Refinitiv expected to earn at $1.91 per Share.

The net sales grew to $11.91billion from $11.85billion a year ago, surpassing the estimates of $11.58billion.

Best Buy shares were up 38% as of Monday’s closing. On Monday, shares hit a 52-week peak of $141.97 and closed at $138.00. That’s an increase of 1.37%. The market value of the company is $33.94 million.

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