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Best Buy Co. Inc. (BBY) - Get Free Report shares fluttered downward Thursday morning, Nov. 16, even though it met Wall Street expectations in third-quarter earnings, posting earnings of 78 cents per share — exactly what analysts projected, according to FactSet.

Sales revenue fell short of the Street's projection of $9.36 billion. The electronics retailer instead reported $9.32 billion, citing the delayed iPhone 8 and iPhone X launch and impact from this year's hurricanes as why sales were down. Its forecast for earnings for the fourth quarter is now also lower than analysts' expectation of $2.03 per share. Instead, it anticipates $1.89 to $1.99 per share.

All the while, comp sales increased 4.4% and online sales grew even faster at 22.3%.

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"First, despite our moderate expectations for mobile phone launches in the quarter, revenue in the mobile category was materially lower than expected. This was due to the fact that a major new phone did not launch until November, which is in our Q4," CEO Joly Hubert said in a statement.

The delayed launch resulted in "significant softness" in existing phone sales because customers were putting off making the purchase, the company said. The impact reached more than $100 million. The second factor was the hurricanes that struck south Texas, Florida, Puerto Rico and Mexico in early September.

Best Buy execs did not reveal how the new iPhone, made by Apple Inc. (AAPL) - Get Free Report ,  release affected sales, but Joly said during the earnings call that the company has improved the pre-order process ahead of the release.

Best Buy raised its full fiscal year outlook. It now expects revenue to reach between $41 billion and $41.3 billion, or growth of 4% to 4.8%. To facilitate its new smart home offerings in collaboration with Alphabet Inc.'s (GOOGL) - Get Free Report Google and Inc. (AMZN) - Get Free Report , the company announced that it hired 1,500 new store employees.

Early next year, it will also expand its in-home advisory program, available in all major U.S. markets and offer customers free consultations. Best Buy's strongest forte has always been its customer service — something that Amazon customers cannot receive.

For the holiday season, Best Buy will offer free shipping with no minimums and same-day shipping in 40 cities.

So far this year, Best Buy's stock saw a 30% rise in value. But its Q3 mixed results may signal an end to a two-year growth spurt.

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