Wearables, smart home tech fuel increase in BestBuy Q4 earnings

Image result for Wearables, smart home tech fuel increase in BestBuy Q4 earningsBestBuy credits health and fitness wearables among the technology products that attributed to the company’s 11.4 percent increase in earnings during the fourth quarter of fiscal 2018, according to CNBC.

For the quarter ended Feb. 2, BestBuy reported net income of $735 million, up from $364 million in the fourth quarter a year prior, CNBC reports. Sales at BestBuy’s store are also on the rise, as the company reported its eighth consecutive quarter of same-store sales gains.

In addition to new smart home and smartphone devices, Best Buy said it sees an opportunity to do more with health technology.

“Digital health is an exciting area with enormous opportunity [for] the use of technology to help customers with their health, fitness, sleep, etc. — across multiple age groups, from babies to seniors,” BestBuy CEO Hubert Joly told CNBC.

Wearables, such as Apple’s smartwatch and Fitbit, continue to gain traction in the health IT space. AT&Trecently announced the launch of its new smartwatch designed with telehealth and remote patient monitoring capabilities, and Samsung is developing its first wearable device that can measure blood pressure.