Best Buy's stock soared 11.21% during intraday trading on Thursday, driven by the company's impressive first-quarter financial results and optimistic outlook.

The electronics retailer reported adjusted earnings per share of $1.28 for Q1 FY27, beating the consensus estimate of $1.23. Revenue reached $8.94 billion, surpassing expectations of $8.83 billion, while comparable sales grew 2%, significantly above the anticipated 0.96%. The company also forecast second-quarter comparable sales growth of about 1%, which exceeded analyst projections and signaled continued strength.

Growth was fueled by strong demand in gaming, computing, and mobile phone categories, alongside expansion in higher-margin businesses like Best Buy Ads and Marketplace. The maintained full-year guidance and incoming CEO Jason Bonfig's outlined strategic priorities further bolstered investor confidence.