12:01 PM EDT, 05/30/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

Best Buy ( BBY ) shares rose 11% in recent trading Thursday after the company posted fiscal Q1 earnings that topped estimates by analysts.

Non-GAAP earnings rose to $1.20 per diluted share from $1.15 a year earlier, the company said Thursday.

Analysts surveyed by Capital IQ expected $1.07.

Revenue in the quarter ended May 4 fell to $8.85 billion from $9.47 billion a year earlier.

Analysts surveyed by Capital IQ expected $8.97 billion.

The company expects fiscal 2025 adjusted EPS of $5.75 to $6.20. Analysts polled by Capital IQ expect $6.04. Revenue in the fiscal year is projected to be $41.3 billion to $42.6 billion. Analysts expect $41.98 billion.

Price: 80.09, Change: +8.19, Percent Change: +11.39