Best Buy shares soar 11% on earnings beat

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Best Buy shares surged on Wednesday after the company reported earnings and sales for the holiday quarter that topped analysts’ expectations.

The stock jumped more than 11 percent in premarket trading on the news.

The electronics retailer reported fourth-quarter adjusted earnings per share of $2.72, on sales of $14.80 billion. Analysts were calling for earnings of $2.57 a share, on sales of $14.70 billion, according to Refinitiv data.

Sales at Best Buy stores open for at least 12 months were up 3 percent, topping expectations for 2 percent growth.

This is a developing story. Please check back for updates.

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