Best Buy profit falls 90% in second quarter

The Best Buy logo hangs above a store on April 16, 2012 in Chicago, Ill.

It doesn't seem to be the best time for Best Buy.

Shares of Best Buy are down more than 9 percent this morning. The electronics retailer just reported second quarter profits dropped more than 90 percent.

For more on that, Dan Greenhouse is Chief Global Strategist for BTIG joins us live.

"This is a problem the company's been having for some time," Greenhouse says. "Consumers in the United States changed their buying behavior from what we call brick-and-mortar operations to something on the Internet."

About the author

Stacey Vanek Smith is a senior reporter for Marketplace, where she covers banking, consumer finance, housing and advertising.


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