Best Buy’s Share Price Drops as Amazon Expands Geek Squad Competitor
Best Buy’s share price dropped over 7 percent between Friday and Monday following news that Amazon is doubling down on a roll out of its Geek Squad competitor.
Recode reports that the online shopping giant has been hiring electronics experts that can provide device consultations as well as installing equipment in customer’s homes. The service—aimed at helping people set up so-called “smart homes”—is already available in seven western U.S. markets. The company appears to be expanding into at least seven more cities, primarily in the south.
The drop in share price wiped out about $1 billion of Best Buy’s valuation.