Best Buy on Friday reported quarterly earnings and revenue that exceeded expectations as it cut costs to offset nearly flat sales during the key holiday quarter. The consumer electronics giant also said it had not received a buyout offer from its founder to take the company private.
Following the earnings report, the electronics retailer's shares rose before the opening bell. (Click here to tracking the company's stock in premarket trade.)
Its loss after paying preferred dividends totaled $409 million, or $1.21 per share, for the three months ended Feb. 2. That compares with a loss of $1.82 billion, or $5.17 per share, in the prior-year quarter.