Walmart surges to all-time high as earnings beat on high-income shopper, e-commerce gains
Publishing timestamp: 2024-05-16 13:33:34
Summary
Walmart beat earnings and revenue estimates, with significant e-commerce gains and growth in high-income shoppers. The company expects to hit the high end of its full-year guidance. Shares hit an all-time high and were up about 6% in midday trading. Walmart's grocery business is benefiting from the gap between cooking at home and eating out. The company is expanding its online business and appealing to younger and more affluent households with new private-label brands and store upgrades. Walmart's newer businesses like advertising and subscription-based membership program contributed to its profit growth.
Sentiment: POSITIVE
Tickers: WMT,
Keywords: breaking news: earnings, business, business news, earnings, breaking news: business, walmart inc, retail industry,
Source: https://www.cnbc.com/2024/05/16/walmart-wmt-q1-2025-earnings-.html