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Best Buy Co., Inc.

Best Buy reports weak 3Q sales, cautious outlook

Best Buy shares plunged Thursday after reporting disappointing quarterly sales and a cautious outlook for the key holiday shopping season as it faces price pressures and tougher competition from online stores.

The electronics retailer said it expects "near flat" revenue in the fourth quarter — which includes key holiday shopping.

Its stock tumbled 5 percent in morning trading.

The Richfield, Minnesota-based company reported that its fiscal third-quarter profit rose 16.8 percent to $125 million, or 36 cents per share. Earnings, adjusted for one-time gains and costs, came to 41 cents per share, surpassing Wall Street expectations. The average estimate of...