Business news digest

NATION

Profits fell at Best Buy, but revenue rose

CHICAGO — Best Buy Co. said Tuesday that its second-quarter profit slid 19 percent as it spent money to boost cell phone sales by completing the rollout of its Best Buy Mobile concept to nearly 1,000 North American stores.

Revenue rose, however, as consumers bought more flat-panel TVs, laptops and cell phones, ahead of forecasts.

The nation’s largest consumer electronics retailer earned $202 million, or 48 cents per share, for the three months ending Aug. 30. That’s down from $250 million, or 55 cents per share, during the same period last year. Revenue rose 12 percent to $9.8 billion.

Dell: Corporate spending on technology weakens

SAN FRANCISCO — Hurting from price cuts and an expensive restructuring, Dell Inc. rattled investors Tuesday with another warning, this time that corporate spending on technology is weakening further.

By most measures, the technology sector has been chugging along fine, which is why Dell’s announcement caused uncertainty about whether the problem is specific to Dell or indicates broader problems in the market.

The revelation caused Dell’s shares to fall $2.01, 11.1 percent, to $15.98 and dragged down other technology companies’ stocks.

Associated Press