Key Facts
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Shares of Walmart rose more than 5.6% to above $106 shortly after trading opened Thursday, pacing what would be the stock’s second-largest gain this year behind a 9.5% rally in April—the stock is up more than 6% as of 10:40 a.m. EST.
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The retailer reported earnings per share of 62 cents and revenues of $179.5 billion through its latest quarter on Thursday, surpassing analysts’ estimates of 60 cents and $177.4 billion, according to FactSet.
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Walmart’s online shopping sales rose 27% globally, driven by a 28% increase in the U.S. and an uptick in store-fulfilled delivery of online orders, a 53% surge for its global advertising business and its third-party marketplace becoming more popular among consumers, the retailer reported.
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Walmart expects sales for the year to increase by up to 5.1% and for earnings to fall between $2.58 and $2.63, above earlier expectations of 4.75% and a range of $2.52 to $2.62.
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John Rainey, Walmart’s chief financial officer, told CNBC the retailer gained more “value-seeking” customers across incomes, as more Americans are “looking to do business with those companies that are providing value,” though traffic was “more pronounced” among high-income shoppers.