Best Buy Exceeds Profit Expectations Despite Sluggish Sales

Increased demand for services and laptop sales bolster earnings, but overall revenue and comparable sales decline.

Best Buy reported first-quarter earnings per share of $1.13, surpassing analyst estimates.
Revenue fell 6.5% from the previous year to $8.85 billion, missing expectations.
Comparable store sales dropped 6.1%, an improvement from the 10.1% decline a year ago.
The company's gross profit rate improved due to higher demand for services and memberships.
Shares surged over 10% following the earnings report, moving into positive territory for the year.