Best Buy shares jump as earnings beat estimates

Shares of Best Buy (BBY) surged 3.9% Thursday after reporting earnings and revenue that easily beat Wall Street estimates.

The consumer electronics retailer reported net income of $129 million, or 36 cents a share, in the first quarter. That was down from $461 million, or $1.31 a share, a year ago.

Earnings, excluding one-time items, came in at 37 cents a share. That easily beat the average estimate of 29 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell to $8.56 billion from $8.64 billion, but also beat the $8.47 estimate.

The results "exceeded our expectations during the quarter due to a stronger-than-expected performance in the domestic business, said Best Buy CEO Hubert Joly, "as we continued to take advantage of strong product cycles in large screen televisions and iconic mobile phones and continued growth in the major appliance category."

Shares were up $1.75 to $35.54.