Best Buy is laying off employees again due to weak demand in the consumer electronics sector!

It is learned that due to the decline in sales of electronic products, Best Buy has recently started a wave of layoffs in the United States, and has laid off hundreds of employees in stores across the United States. Not long ago, the company also lowered its second-quarter sales and profit expectations in the face of weak consumer demand.

A Best Buy spokesperson said: "As the macroeconomic environment continues to change and customer demand for online shopping continues to rise, we have adjusted our team. Best Buy is hiring for additional positions and continues to invest in areas including home services, healthcare and physical stores.

At the end of the first quarter, Best Buy pointed out that after two years of strong consumer demand began to weaken, it expected sales to decline this year. Its CEO Corrie Barry also pointed out in a statement that consumption has cooled faster than expected. With continued high inflation and weak consumer spending demand, especially further weakening demand in the consumer electronics industry, Q2 quarterly performance will be lower than we expected in May.

Best Buy is reportedly laying off 5,000 full-time employees in 2021. The number of employees at the beginning of 2022 was 105,000, down from nearly 125,000 employees at the beginning of 2020.

Best Buy is scheduled to release its second-quarter earnings report on August 30. The company expects comparable sales - that is, sales from online channels and stores that have been open for 12 months - to fall by about 13% in the second quarter and 11% for the full year.

Editor ✎Estella/

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