Best Buy forecast misses expectations

Best Buy Co. Inc. (NYSE: BBY) projected current-quarter sales and profits Wednesday below analyst expectations, according to Reuters.

The Richfield, Minn.-based retailer of consumer electronics predicted revenue for the first quarter of 2016 would fall between $8.25 billion and $8.35 billion with 31 cents to 35 cents profit per share – below anticipations of $8.45 billion and 39 cents, respectively.

The company’s struggle centers on low sales for computing and mobile devices, which account for 43 percent of total domestic revenue and fell 6.8 percent in the fourth quarter.

As of the market’s open Thursday, shares of Best Buy were trading at $32.04, up slightly from Wednesday’s closing price of $31.53.

Read more from Reuters.