NEW YORK -- Electronics retailer Best Buy Co. said Tuesday its third-quarter net income fell 29 percent as it cut prices in popular categories such as tablets and TVs to drive sales and traffic during the holiday season.
Its adjusted earnings missed analysts' expectations, and its shares tumbled more than 15 percent.
Best Buy's results highlight the challenges the largest U.S. specialty electronics retailer is facing as it seeks to boost traffic during the crucial November and December holiday season.
The Minneapolis-area company, which is up against tough competition from discounters and online retailers, took profit-busting measures that included increasing markdowns and spending more on advertising.
Shares fell $4.34, or 15.46 percent, to close at $23.73 on Tuesday. Prior to Tuesday's drop, the stock had fallen 18 percent since the start of the year.