Best Buy (BBY) is scheduled to report financial results for the fiscal Q2 2023 on August 30, 2022, ending on July 30, 2022. In the quarter, the company faced a challenging macro environment as high inflation hurt consumer spending power. Overall customer demand within the consumer electronics sector was also weak, which is expected to negatively affect financial results. TipRanks’ website traffic tool hints at mixed earnings from the retail technology player.
Minnesota-based Best Buy is a retail technology company that deals in consumer electronics including desktops notebooks and mobile phones.
Best Buy’s Mixed Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers a peek into Best Buy’s performance this quarter.
The tool shows that the Best Buy website recorded a 5.13% rise in global visits in Q2 2023 compared to Q1 2023. However, Best Buy’s website traffic has declined almost 16% year-to-date, signaling underlying weakness compared to last year’s levels.
An increase in website traffic implies strong demand for the products, which hints at favorable earnings. On the other hand, a decline in website traffic implies weak demand for the company’s products, which points to downbeat earnings results.
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Best Buy’s Q2 Earnings Expectations
Analysts expect Best Buy to deliver earnings of $1.27 a share for its fiscal Q2, a decline from $2.98 a share delivered in the year-ago quarter. Management expects fiscal Q2 2023 comparable sales to decline by 13%.
Management expects the Q2 results to soften even further and come below expectations, hurt by deteriorating consumer sentiments. In response to the weakening sales environment, Best Buy has paused its share repurchases. However, the company remains committed to its quarterly dividend of $0.88 a share.
Will BBY Stock Go Up?
According to TipRanks’ analyst rating consensus, BBY stock is a Hold based on five Buys, seven Holds, and three Sells. The average BBY price target is $77. The price target suggests analysts expect the stock to rise by about 4% from current levels.
TipRanks’ Stock Investors tool shows that investor sentiment is currently Neutral on Best Buy’s stock. Over the past 30 days, 0.8% of the best-performing portfolios tracked by TipRanks increased their exposure to Best Buy stock.
Final Thoughts
Best Buy stock could come under pressure if Best Buy reports weak Q2 results. TipRanks’ website traffic indicates mixed results, and the management has also warned of soft financial results.
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