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MICROSOFT CORPORATION

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Best Buy expects holiday sales to slow as pandemic rages

11/24/2020 | 09:56am EST
FILE PHOTO: People wait for purchases outside of a Best Buy store due to the outbreak of coronavirus in Arlington, Virginia

(Reuters) - Best Buy Co Inc held back its holiday-quarter view and warned on Tuesday that a boom in work-from-home purchases was likely to lose steam as rising COVID-19 infections in the United States threaten to eat into pre-Christmas consumer confidence.

The electronic retailer, whose third-quarter sales and profit beat market expectations, said it does not expect quarterly revenue growth of more than 20% to continue into the holiday season, sending its shares down 6% in early trading.

"It continues to be difficult to predict how sustainable these trends will be. We are seeing COVID cases surge throughout the U.S. and Canada at a time of significant holiday volume through our stores," Chief Financial Officer Matt Bilunas said, pointing to high unemployment.

At least 20 million Americans were on unemployment benefits at the end of October and about 12 million of them will lose benefits when two government-funded programs expire a day after Christmas. Another rescue package for businesses and the unemployed is unlikely before then.

CFO Bilunas said fourth-quarter sales for one of the few retail winners in the health crisis have been strong so far, but that was due to new game consoles from Sony Corp and Microsoft Corp as well as an earlier than ever start to holiday promotions.

"We don't expect sales trends to remain at the levels we experienced during Q3," he said on a call with analysts.

Meanwhile, Chief Operating Officer Mike Mohan said supplies of the hot new consoles will be limited through the holiday season.

Best Buy's comparable sales jumped 23% in the quarter ended Oct. 31, beating expectations of a 14.7% increase, according to IBES data from Refinitiv. It plans on resuming share buybacks this month.

Total revenue rose 21.4% to $11.85 billion, while the company earned $2.06 per share, beating analysts' average estimate of $1.70 per share.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
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Financials (USD)
Sales 2021 158 B - -
Net income 2021 51 435 M - -
Net cash 2021 76 850 M - -
P/E ratio 2021 33,4x
Yield 2021 0,96%
Capitalization 1 708 B 1 708 B -
EV / Sales 2021 10,3x
EV / Sales 2022 9,21x
Nbr of Employees 163 000
Free-Float 99,9%
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Microsoft Corporation Technical Analysis Chart | MSFT | US5949181045 | MarketScreener
Technical analysis trends MICROSOFT CORPORATION
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 38
Average target price 248,38 $
Last Close Price 225,95 $
Spread / Highest target 26,1%
Spread / Average Target 9,93%
Spread / Lowest Target -2,63%
EPS Revisions
Managers and Directors
NameTitle
Satya Nadella Chief Executive Officer & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Kirk Koenigsbauer COO & VP-Experiences & Devices Group
Amy E. Hood Chief Financial Officer & Executive Vice President
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