Best Buy Sees Falling Smartphone Profit Margins
Best Buy stock closed down 12 percent at $55.02 Tuesday after the company gave conservative guidance for the rest of the fiscal year, and amid declining gross profit margins for mobile devices. Chief Financial Officer Corie Barry warned of a…
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“highly competitive” holiday quarter after strong growth in the quarter ended July 29. Sales in Q2 rose to $8.9 billion from $8.5 billion in the year-ago quarter, it said. Barry believes Q4 will fill “a hole” that was left by the ill-fated Samsung Note7 last year, and there will be some “mobile strength.” She said with a maturing category and installment billing, "people realize just how much their phone costs” and “are thinking about different ways” to buy.