Best Buy Q3 Profits Fall Short; Stock Prices Tumble

Richfield-based Best Buy reported Tuesday that its third quarter profits took a 29 percent dive—causing its stock prices to decline nine percent in premarket trading.

According to a Minneapolis/St. Paul Business Journal article, while Best Buy's overall sales grew by about 2 percent compared to the same quarter last year, the company's profits were hurt by an as well as a $150 million, one-time cost to .

One important area of growth was the company's online sales, which grew 20 percent, according to a Business Insider article. The company's mobile revenue in the United States also grew nine percent.

Despite the third quarter results, Best Buy's projections for 2012 remain unchanged. The company predicts $3.35 to $3.65 earnings per share (EPS) and $51 billion to $52.5 billion in total sales.

Click here to see Best Buy's official Tuesday press release, which details its third quarter fiscal results.