Best Buy knocked earnings out of the park and the stock is surging

Best Buy, the electronics retailer, posted third quarter earnings well above analysts' expectations on Thursday.

The company announced earnings of $0.62 per share against expectations of only $0.47 per share. Revenue also came in ahead at $8.95 billion versus a $8.85 billion projection.

Sales also topped expectations with comparable store sales were up 1.8% from the same quarter last year, analysts had only expected a rise of 1.0%.

Additionally, guidance for the fourth quarter came in strong. Best Buy expects the critical holiday fourth quarter to post earnings per share of $1.62 to $1.67. Analysts had only expect guidance of $1.58 a share.

Following the news, shares of Best Buy were surging 8.2% to $43.75 per share, a $3.30 gain, as of 7:48 a.m. ET.