Best Buy Stock: Black Friday Sales And Holiday Outlook

Share to Twitter Share to Linkedin Key takeaways Best Buy was able to beat analyst predictions for profit and revenue in a surprising earnings report for the third quarter. Despite fears of a looming recession in light of soaring inflation and aggressive rate hikes, there was a record amount of money spent this year on Black Friday. Best Buy's stock went up from the positive news, with the company expressing optimism for the holiday season. With inflation soaring and fears of a pending recession, many companies have reported lower-than-expected earnings in 2022. All of the macroeconomic concerns from the past year have impacted the stock market; companies that sell products considered to be discretionary items have been particularly affected, as have tech companies. For exactly this reason, we wrote that Best Buy stock was undervalued a few months ago. Many analysts were predicting a recession for the latter part of the year because there were concerns that the aggressive rate hikes would limit consumer spending and slow down the economy. However, in a surprising plot twist, Black Friday set records for online spending in 2022 despite fears of a recession . We're going to look at the recent financial results… Read full this story

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