Walmart profits hit $6.3 billion with e-commerce support
Walmart achieved profits of $6.37 billion in the fiscal quarter ending on July 31, surpassing analyst expectations. This was supported by strong growth in e-commerce and advertising, which increased global revenues by 23% and 38%, respectively. However, its sales in the U.S. market experienced a slowdown, with growth rate only reaching 2.6%, the slowest in six years. The company announced a allocation of $2.9 billion to cut prices on about 11,000 products to boost its competitiveness, and maintained its sales forecast for the fiscal year at between 4% and 5%, with adjusted earnings per share expected to be between $2.80 and $2.87. Nevertheless, the stock declined by over 8% following the announcement.
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