NEW YORK (TheStreet) -- Shares of Best Buy (BBY) were popping by 7.39% to $43.44 in late morning trading on Thursday, after the electronics retailer reported a beat on the top and bottom line for the 2017 third quarter, before today's opening bell.
"It was a remarkable number in terms of the online," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. The company's online revenue rose by 24.1% year-over-year to $881 million domestically, bringing total U.S. revenue from digital to 10.8% vs. 8.8% last year.
A number of people are saying, "Wait a second, Amazon.com (AMZN) has got to be killing Best Buy," Cramer said. "But their e-commerce business was very strong."
Best Buy also noted an uptick in the demand for mobile phones, he pointed out. Laptop, tablet and mobile phone sales were up 1.6% for the quarter vs. the same quarter a year ago when it was down by 0.9%.
The stronger demand for mobile phones is in-line with Target (TGT) mentioning stronger sales of Apple (AAPL) products in its 2016 third quarter results on Wednesday, Cramer noted.
"It wasn't that long ago when we were all talking about the eventual demise of Best Buy," CNBC's David Faber told Cramer on the show. "It was just a showroom for Amazon. That conversation doesn't seem nearly as prevalent anymore."
"It's called management. This is a good quarter, and this is not the first good quarter," Cramer said in response.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings team rates Best Buy as a Buy with a ratings score of B. This is driven by a number of strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
You can view the full analysis from the report here: BBYBBY data by YCharts