Aug 29, 2024 - Economy
Charted: Consumer electronics looks for spark
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The long winter for the consumer electronics industry might finally be yielding to spring.
- Best Buy today reported revenue and earnings that exceeded expectations — and the company raised its profit forecast.
- The industry is showing "better stabilization," CEO Corie Barry said on an earnings call.
Zoom out: Consumer electronics sales had turned south after booming early in the pandemic, when consumers were spending exuberantly on physical items.
Reality check: Best Buy's comparable sales still declined by 2.3% in the quarter, and total Q2 sales haven't been this low since 2017.
- One bright spot was sales of tablet and computing devices, though appliances, home theater and gaming weighed on results.
