Best Buy Smartphone Sales Fall; Stock Down Amid COVID-19 Challenges
Smartphone sales fell at Best Buy in the quarter ended Oct. 31, largely due to the late launch of the 12 series of iPhones, Chief Operating Officer Mike Mohan told investors Tuesday. Demand for higher-capacity 5G phones with larger screens…
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is high, he noted. The replacement cycle for phones “has been forever changed,” he said. Best Buy Q3 comparable sales surged 23% year on year to $11.8 billion, said CEO Corie Barry. Online sales jumped 200% in October, said Barry, while ship-to-home speeds reached their highest level since the pandemic began. Domestic online revenue spiked 174% and to 35% of total domestic revenue, vs. 15.6% of the revenue mix last year, said the company. Barry highlighted strength in computers and home theater. Chief Financial Officer Matt Bilunas tempered expectations for the holiday quarter. He cited the surge in COVID-19 cases during a time of “significant holiday volume.” Shares closed 7% lower at $113.54.