What happened

Shares of Best Buy (NYSE:BBY) were down 4.8% as of 1:00 p.m. EST after the electronics retailer announced weaker-than-expected third-quarter 2017 results.

Best Buy's quarterly revenue climbed 4.1% year over year to $9.32 billion -- below consensus estimates for $9.36 billion -- including 4.4% comparable-sales growth. On the bottom line, that translated to 23.2% growth in net income to $239 million, and 30% growth in earnings per diluted share, to $0.78, in line with investors' expectations. Note the latter figure includes a net benefit of roughly $0.04 per share from stock repurchases over the past year. 

Best Buy store front

IMAGE SOURCE: BEST BUY.

So what

According to Chairman and CEO Hubert Joly, Best Buy's top line suffered this quarter from a combination of lower-than-expected sales in the mobile category and the impact of natural disasters in Texas, Florida, Puerto Rico, and Mexico.

Nonetheless, Joly insisted the company is "well positioned for a successful [holiday] season," so it's increasing its full-year financial guidance.

Now what

Best Best Buy now expects full fiscal-year revenue in the range of $41 billion to $41.3 billion, or growth of 4% to 4.8% (up from 4% previously).

That range assumes fiscal fourth-quarter revenue of $14.2 billion to $14.5 billion, and quarterly adjusted earnings per share of $1.89 to $1.99. However, Wall Street was already anticipating fourth-quarter earnings of $2.03 per share on revenue of $14.35 billion. 

Of course, Best Buy could certainly be taking a conservative approach to guidance for its crucial holiday quarter. But given its revenue miss in Q3 -- at least relative to the market's expectations -- and its underwhelming guidance, it's no surprise to see shares modestly pulling back today.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.