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May 26, 2023

Best Buy posts mixed 1Q results

NEW YORK (AP) — Best Buy turned in a first-quarter profit that beat Wall Street expectations, while the nation's largest consumer electronics chain continued to wrestle with weak consumer demand for gadgets.

But the Minneapolis-based chain predicted on Thursday that the slump in consumer electronics will bottom out by year-end as customers who bought gadgets at the onset of the pandemic will start to update their devices.


 
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