Best Buy reported quarterly earnings and revenue that beat analysts' expectations on Thursday, sending shares sharply higher in premarket trading.
Following the report, shares of Best Buy rose more than 8 percent in trading prior to the opening bell. (Get the latest quote here.)
The most surprising and encouraging thing to come out of Best Buy's earnings beat on Thursday is the growth in revenues, Anthony Chukumba, BB&T Capital Markets senior research analyst, told CNBC.
He noted that this is the first time since the third quarter of last year that the electronics retailer reported positive comparable store sales.
Third-quarter same-store sales increased 2.2 percent, the retailer said. Best Buy was forecast to deliver a 2 percent drop in same-store sales, according to an estimate from Consensus Metrix.
"One of the things that the bears have said is, 'Okay, they're cutting costs but they can't grow their top line.' Well guess what? They grew their top line," Chukumba said in an interview on CNBC's "Squawk Box."
The company is benefiting from a stronger product cycle thanks to the iPhone 6, ultra HDTVs, and wearables, but its performance also comes down to Best Buy operating at a much higher level both in stores and online, Chukumba said.
He had a $39 price target on shares of Best Buy prior to the report, but said he would be revisiting that estimate given its "stunning" performance.
The company posted third-quarter earnings per share of 32 cents a share, up from 18 cents per share in the year-earlier period.
Revenue for the quarter came in at $9.38 billion, against the comparable year-ago figure of $9.36 billion.
Analysts had expected Best Buy to report third-quarter earnings of 25 cents per share on $9.11 billion in revenue, according to a consensus estimate from Thomson Reuters.