Wall Street expected more from Best Buy

Best Buy Co. (BBY) today reported better-than-expected quarterly results, underscoring the growing optimism that the recession may be coming to an end.

Net income at the company plunged 15 percent to $153 million, or 36 cents per share, from $179 million, or 43 cents, a year earlier. Excluding one-time charges profit would have been 42 cents, beating Wall Street consensus estimates of 34 cents. Revenue climbed 12 percent to $10.095 billion. Shares of the largest consumer electronics retailer fell in pre-market trading as Wall Street appeared to expect better results.