NEW YORK (TheStreet) -- Shares of Best Buy (BBY) were surging by 11.92% to $45.27 in mid-afternoon trading on Thursday, after the electronics retailer reported higher-than-expected 2017 third quarter results this morning.
Earnings for the quarter came in at 62 cents per share, topping estimates for 47 cents. Revenue rose by 1.4% year-over-year to $8.9 billion, beating expectations for $8.85 billion.
"Fantastic numbers. Absolutely fantastic," Najarian Family Office cofounder Jon Najarian said on CNBC's "Halftime Report" this afternoon.
"People are going into the stores for the iPhone," he noted. 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 Best Buy stock deserves the "all-time unsung hero award," considering most people "had it in the grave," noted CNBC's Scott Wapner.
People thought Amazon.com (AMZN) was going to "kill" Best Buy because consumers would go to look at electronics at Best Buy, but actually buy them on Amazon.com, Najarian Family Office cofounder Pete Najarian said. "Best Buy was the showroom."
This is partly due to Best Buy's "phenomenal" CEO Hubert Joly, who took over the company in 2012, Short Hills Capital managing partner Stephen Weiss said. "He's done a great job."
Earlier today, TheStreet's Jim Cramer made a similar deduction on CNBC's "Squawk on the Street." "It's called management," he said. "This is a good quarter and this is not the first good quarter."
(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial.)