Best Buy (NYSE:BBY) layoffs are a hot topic on Monday as the technology retailer made major cuts to its Geek Squad support jobs.Former employees of Best Buy who were part of its Geek Squad division took to Reddit over the weekend to discuss layoffs at the company. The unofficial Geek Squad subreddit was filled with workers talking about the fact they were laid off last week.Best Buy has yet to release a statement concerning these layoffs. That means we don’t know just how many employees were affected. The s ...

Collaboration Aims to Drive Sustainability and Inspire the Next Generation of InnovatorsNEW YORK, April 8, 2024 /PRNewswire/ -- In an exciting new activation, Microsoft, Junk Kouture, and Best Buy have joined forces in driving eco-conscious habits, responsibly recycling old electronics, and a shared commitment to sustainability. The trio are amplifying and empowering the voices of New York's young creatives, offering them a platform to inspire nationwide recycling efforts, drive change in support of a brigh ...

There may be no more important business leader these days than OpenAI CEO Sam Altman.Altman's company kicked off the artificial intelligence (AI) boom with the launch of ChatGPT in November 2022, and since then it's remained at the cutting edge of generative artificial intelligence.It's received an estimated $13 billion in investments from Microsoft and forged a close partnership with the tech giant, powering AI on products like Azure, Github, and Office. OpenAI has also continued to impress with its own pr ...

The shares of retailer Best Buy Co Inc (NYSE:BBY) are enjoying a lift, after an upgrade from Telsey Advisory Group to "outperform" from "market perform," with a price-target hike to $95 from $85. The analyst noted the retailer's membership program, cost management, capital spending, and refreshed stores. Separately, today also marks BBY's ex-dividend day. The majority of brokerage firms are still hesitant on Best Buy stock, however, leaving room for additional upgrades. Of the 21 analysts in coverage, 15 ca ...

Best Buy Co Inc (NYSE: BBY) is in the green at writing after a senior Loop Capital analyst issued a bullish note in its favour.Best Buy stock has upside to $93Copy link to sectionAnthony Chukumba reiterated his “buy” rating on the electronics retailer this morning and raised his price to $93 which suggests about a 20% upside from here. The analyst dubbed Best Buy stock a “stealth housing play” in his research note today because he expects sales of appliances and television sets to pop as renovations and upg ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9595 ______________________________________________________ ...

Best Buy Co., Inc. (NYSE:BBY) UBS Global Consumer and Retail Conference March 14, 2024 1:00 PM ET Company Participants Corie Barry - Chief Executive Officer Matt Bilunas - Chief Financial Officer Mollie O'Brien - Head of Investor Relations Conference Call Participants Michael Lasser - UBS Michael Lasser [Call Starts Abruptly] …and Retail Conference. I'm Michael Lasser, the UBS Hardline, Broadline and Food Retail analyst. This is probably the peak of our conference. Yes, we are super excited to have the team ...

Arthit Pornpikanet Well, it was bound to happen. After the insanity of 39 dividend increases last week, it had to come to an end. Never fear; this week, there are six increases, one of which is Dividend King Cincinnati Financial. Their 8% increase extends their 64-year streak. Read on for the complete lists! As an investor utilizing a dividend-growth strategy, I always look forward to receiving dividends, especially increases. I have observed that companies that regularly raise their dividend payouts perfor ...

CEO Transition and Leadership - CEO Ron Coughlin is stepping down and will serve as an advisor to the board during the leadership transition [1] - R Michael Mohan, a board member and former Best Buy executive, will take over as interim CEO [1] - Mohan has been on the company's board since March 2021 and previously served as lead independent director [1] - Coughlin expressed pride in the differentiated business model built during his tenure, which positions the company well for the future [1] Financial Performance - Fiscal Q4 results were roughly in line with expectations: adjusted EPS of 2 cents vs 2 cents expected, revenue of $1 67 billion vs $1 62 billion expected [2] - Net loss of $22 6 million for the three-month period ended Feb 3, compared to net income of $32 7 million a year earlier [2] - Sales rose 6% to $1 67 billion from $1 58 billion a year earlier [3] - Shares rose as much as 9% in premarket trading following the CEO change and earnings announcements [3] Market and Industry Trends - Petco's market cap has eroded over the last year, down to $784 million from around $3 billion in February 2023 [3] - The pet industry has faced pressure and a demand slowdown after a pandemic-fueled boom [3] - New pet adoptions have slowed, leading to strong sales in stable categories like pet food and medicine but sluggish demand for high-margin items like beds, leashes, and toys [4] Strategic Transformation - Under Coughlin's leadership since 2018, Petco transformed into a health and wellness company [4] - The company stopped selling unhealthy pet food, removed products like shock collars, and expanded its services and veterinary business [4] - In 2020, the company changed its name to Petco Health and Wellness Company [4] - Coughlin led the company through its IPO in 2021 [4]

MINNEAPOLIS--(BUSINESS WIRE)--Best Buy (NYSE: BBY) is scheduled to present at the UBS Global Consumer and Retail Conference on March 14, 2024, at 1:00 p.m. Eastern Time. A webcast of the event will be available at www.investors.bestbuy.com both live and after the event. ...