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Online sales grew 41% during the quarter, led by strong sales in Walmart's expanded online grocery business.
"We know these decisions will inconvenience some of our customers, and we hope they will understand," Walmart CEO Doug McMillon said.
Walmart on Thursday reported better-than-expected profits and raised full-year guidance, sending shares up 1.42% before the opening bell.
On an individual basis, Jim Rob and Alice Walton, the heirs of Walmart's co-founder Sam Walton, are worth between $42.1 billion and $43.8 billion, according to Bloomberg's Billionaires Index. Lukas, Sam Walton's grandson, is worth $15.3 billion
E-commerce and traditional grocery sales both helped the US' largest grocery chain top Wall Street's earnings expectations for the second quarter.
Amazon is upping its investment dollars in India in order to compete with Walmart, which just bought Flipkart, the top Indian e-commerce company. This is part of a "Cold War" in the Indian e-commerce space, a team of Barclays analysts wrote.
Walmart is dropping after announcing it’s taking a majority stake in Indian e-commerce giant Flipkart
Walmart is buying a company that not many people in the states know about. An analyst recently warned this could be a bad move. Walmart shares are slipping on the news.
Walmart has to compete with Amazon in e-commerce. This purchase won't help — at least not soon.
A big push into healthcare could distract Walmart from improving its stores and e-commerce offerings, a UBS analyst says.
Walmart is reportedly in early-stage talks to acquire health insurer Humana.