Best Buy Struggles Despite iPhone X Sales

Best Buy reported disappointing third-quarter results and forecast holiday-quarter profit below market estimates.

Despite a slumping revenue, online sales are making up an increasing share of the overall business.

For the third quarter in a row, Best Buy reported more than $1 billion in the U.S. online revenue.

The company has bullish expectations for its potential this holiday season. Executives said they are raising financial expectations for the fourth quarter and the year as a whole.