WMT stock jumped more than 6% out of the gate.
Sectors & Industries
May 24, 2024
Walmart shares surged 7% on May 16th after the company reported adjusted first-quarter earnings of 60 cents per share, exceeding analysts' expectations of 52 cents.
Revenue was $161.5 billion, surpassing the consensus estimate of $159.5 billion. Walmart attributed its success to significant gains in e-commerce and attracting more high-income shoppers. Walmart executives said that wealthier customers are migrating to the store for its discounted prices.
That is good for Walmart, but spells possible storm clouds ahead for consumer spending overall.
"Our team delivered a great quarter," Walmart CEO Doug McMillon said in a statement. "Around the world our goal is simple - we're focused on saving our customers both money and time.”
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