Best Buy Co beat profit and sales estimates in its holiday quarter, boosted by demand for notebook computers, flat-panel televisions and mobile phones.

Many analysts had expected the top U.S. electronics chain to gain market share in the quarter as this was its first holiday season after archrival Circuit City went bankrupt.

Best Buy's net profit rose to $779 million, or $1.82 a share in the fourth quarter ended February 27, up from $570 million, or $1.35 a share, a year earlier.

Net revenue rose 12 percent to $16.55 billion.

Analysts on average were expecting a profit of $1.79 a share, excluding items, on revenue of $16.08 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Dhanya Skariachan, editing by Dave Zimmerman)