Tablets, mobile devices boost Best Buy revenue in fourth quarter

Though posting only modest growth overall, Best Buy reports that tablet computers and other mobile devices proved to be one of the electronics retail giant's brightest spots during the fourth quarter of fiscal 2012.

Best Buy posted revenues of $16.6 billion in the fourth quarter, closing out the year with a modest 3.4 percent year-over-year growth. In an earnings report, Best Buy notes that sluggish sales in video games, televisions and other consumer electronics led to the tepid increase.

Tablet computers, as well as e-readers and smartphones, however, proved to be a saving grace for the company. According to the report, the devices experienced "low" triple-digit growth compared to the previous year, as demand for mobile technology continues to climb worldwide.

Best Buy adds that it expects mobile device sales to grow by an additional 15 percent in fiscal 2013.

As the tablet market continues to grow, the cost of the technology will decrease. According to a March 2012 report from ABI Research, sub-$400 tablets are on the rise and will account for more than 60 percent of the market by 2016.