Hubert Joly, President and CEO of Best Buy, sits in the Reuters Television studio after an interview
(Photo : Reuters)
"The tablets boomed and now are crashing. The volume has really gone down in the last several months," said Joly in an interview with the website.
The smartphone market in the U.S. has also grown more mature, said Joly, according to the website.
Previously, Best Buy had warned that same-store sales could drop this quarter and possibly the next due to lower demand for many consumer electronics.
Joly said the PC revival during the first quarter could be attributed to Microsoft stopping support for the older Windows XP operating system.
"I think the laptop has something of a revival because it's becoming more versatile," Joly said.
His comments shouldn't come as a complete surprise, as Apple also reported a slump in sales of its iPads recently, according to Forbes.
Since joining Best Buy in the fall of 2012, Joly has removed layers of management, closed unprofitable stores, boosted Best Buy's cash reserves, and eliminated hundreds of jobs in efforts to stem sales declines.
Joly has high hopes for Best Buy still, and sees the company being around for a long time.
"We'll be around in fifty years. We have a unique role to play for customers," Joly said.