(Adds holiday-quarter forecast, analyst estimates, share movement)
Nov 16 (Reuters) - Best Buy Co Inc reported on Thursday disappointing third-quarter results and forecast holiday-quarter profit below Wall Street's estimates as the company cuts prices to match those offered by rivals such as Amazon.com Inc.
Shares of the No. 1 U.S. consumer electronics retailer, fell 4 percent to $55.03 before the bell.
Retailers like Best Buy and Target are offering free shipping in the holiday quarter to boost online sales even if it hurts company's bottom line.
The company forecast adjusted earnings of $1.89 to $1.99 per share for the fourth quarter, while analysts expected the company to earn $2.03 per share.
Best Buy's same-store sales rose 4.4 percent in the quarter ended Oct. 2 but missed the analysts average estimate of 4.8 percent rise as it was hurt by the late launch of the iPhone X and hurricanes.
The Richfield, Minnesota-based company's net income rose to $239 million, or 78 cents per share, in the quarter, from $194 million, or 61 cents per share, a year earlier.
Excluding one-time items, the company earned 78 cents per share in the third quarter, in line with analysts' estimates according to Thomson Reuters I/B/E/S.
Best Buy's revenue rose 4.2 percent to $9.32 billion, below expectations of $9.4 billion.
(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)