Best Buy Falls as Amazon Service Puts Geek Squad in Jeopardy
- Amazon program helps customers set up smart home devices
- Services account for about 5 percent of Best Buy’s revenue
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Best Buy Co. fell the most in more than a year after Amazon.com Inc. introduced a service that helps customers set up smart home devices, a move that threatens the big-box chain’s Geek Squad business.
The new program, called Amazon Smart Home Services, is designed to let customers install and configure products, such as smart thermostats. Services account for about 5 percent of revenue at Best Buy, which acquired Geek Squad more than a decade ago to help solve customers’ technology problems.