Best Buy is known for more than just their gadgets and appliances. The store also has Geek Squad service which helps people troubleshoot their computer and gadget issues.
Shares of Best Buy took a dive on Monday after it was revealed from Recode that Amazon is planning to launch its own Greek Squad service too.
Recode reported that Amazon is willing to send an “army of in-house gadget experts to offer free Alexa consultations as well as product installations for a fee.”
Shares of Best Buy fell over 7% after the news.
The company just had a stellar first quarter that it reported in May where shares of the stock hit an all-time intra-day high of $60.14.
Any time Amazon does something however, it makes investors nervous. Amazon just announced it would be purchasing organic food retailer Whole Foods last month and shares of grocery stocks fell shortly after the news.
Disclaimer: We have no position in Best Buy Co Inc. (NYSE: BBY) nor Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.