Best Buy shares dropped Thursday after the company’s first-quarter 2026 earnings missed expectations, according to Benzinga. The electronics retailer reported first-quarter sales of $8.77 billion, down about 1% year over year. The result missed the analyst consensus estimate of $9.22 billion. Comparable sales declined mainly due to lower demand for home theater, appliances, and drones, offset by gains in computing, mobile phones, and tablets. Best Buy reported adjusted earnings of $1.15, missing the consensus of $1.31. Best Buy lowered its fiscal 2026 adjusted earnings to $6.15 to $6.30 per share, versus consensus of $6.13 per share. CFO Matt Bilunas said the company updated its full-year guidance due to tariffs.
