Walmart shares slide as retailer gives a cautious outlook about consumer spending
Publishing timestamp: 2023-11-16 12:16:12
Summary
Walmart shares dropped after the company offered a cautious outlook on consumer spending, despite beating earnings and revenue estimates for the fiscal third quarter. The company saw a rise in revenue due to its grocery and e-commerce businesses. However, Walmart expects a weaker holiday shopping season and anticipates lower-than-expected earnings per share for the year. The company also mentioned the possibility of deflation in the coming months, which could benefit customers but impact sales.
Sentiment: MIXED
Keywords: retail industry, earnings, walmart inc, breaking news: business, target corp, breaking news: earnings, business, business news,
Source: https://www.cnbc.com/2023/11/16/walmart-wmt-earnings-q3-2024-.html