BEST BUY Q2 RESULTS FALL AMID SOFTENING DEMAND FOR GADGETS

Best Buy posted lower fiscal second-quarter profits and sales as the nation’s largest consumer electronics chain struggled with weakening consumer demand for gadgets and high costs that rippled through its supply chain.

But the results, announced on Tuesday, were above analysts’ expectations. That pushed shares up more than 2% higher in early afternoon trading.

Best Buy’s sales during the height of the pandemic were fueled by oversized spending