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4. Best Buy Co., Inc. (NYSE:BBY)

Number of Hedge Fund Holders: 26

Best Buy Co., Inc. (NYSE:BBY) is trending today after announcing financial results for its fiscal second quarter. The consumer electronics retailer earned $1.54 per share on an adjusted basis, down from $2.98 per share in the corresponding period of 2021.

Revenue for the quarter decreased to $10.33 billion, from $11.85 billion in the year-ago period. Analysts expected Best Buy Co., Inc. (NYSE:BBY) to earn $1.27 per share on revenue of $10.27 billion.

Best Buy Co., Inc. (NYSE:BBY) also released its region-wise sales results. Its domestic revenue decreased 13.1 percent to $9.57 billion, while international revenue slid 9.3 percent to $760 million in the quarter. The drop in revenue was mainly attributed to inflation, which forced many to limit their spending on electronic equipment.