Best Buy Co. (BBY) reported disappointing third-quarter earnings, missing analysts' estimates on both revenue and earnings per share, leading to a significant decline in its stock price. The company reported adjusted EPS of $1.26, missing the estimated $1.29, and revenue of $9.45 billion, below the expected $9.63 billion. Comparable sales declined by 2.9%, more than the estimated decline of 0.92%. The company's adjusted EPS decreased 2% year-over-year. Gross margin improved to 23.6%, up 70 basis points year-over-year, driven by services and membership performance. Net income was $273 million. Best Buy lowered its full-year guidance, forecasting revenue between $41.1 billion and $41.5 billion, down from previous estimates of $41.3 billion to $41.9 billion, and adjusted EPS between $6.10 and $6.25, narrowing from $6.10 to $6.35. The company attributed the softer results to weaker-than-expected demand in consumer electronics. Shares of Best Buy fell approximately 7% in pre-market trading.