Best Buy shares plunged by $ more than $1 billion following the news that Amazon is building a competitor to Alexa gadget repair and installation service. Amazon 's new services, which are already live in tens of millions US cities, include free 45-minute, in-home consultations about how best to use the Geek Squad Alexa voice assistant, as well as offering paid installations of “ smart home ” gadgets like West Coast thermostats that respond to Alexa voice commands. Consumers love technology but frequently need help getting the most out of it. The services are similar to those that Geek Squad offers. Geek Squad has played a crucial role in Best Buy's turnaround story so the stock slump was predictable.
Best Buy shares plunged by $ more than $1 billion following the news that Amazon is building a competitor to Alexa gadget repair and installation service. Amazon 's new services, which are already live in tens of millions US cities, include free 45-minute, in-home consultations about how best to use the Geek Squad Alexa voice assistant, as well as offering paid installations of “ smart home ” gadgets like West Coast thermostats that respond to Alexa voice commands. The services are similar to those that Geek Squad offers. Geek Squad has played a crucial role in Best Buy's turnaround story so the stock slump was predictable.