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The world’s largest supermarket chain Walmart Inc. (NYSE: WMT) released third quarter earnings results before the market opened in the US on Thursday. Walmart beat Wall Street estimates for both revenue and earnings per share (EPS).
Walmart reported revenue of $160.804 billion for the quarter (up by 5.2% year-over-year) vs. $159.651 billion expected.
EPS reported at $1.53 per share (up by 2% year-over-year) vs. estimate of $1.522 per share.
Walmart raised its full-year net sales growth forecast from between 4%-4.5% to between 5%-5.5%. Adjusted EPS expected to reach between $6.40-$6.48 per share vs. analyst estimate of $6.48 per share.
“We had strong revenue growth across segments for the quarter, and we’re excited to get an early start to the holiday season. From a Thanksgiving meal that costs less than last year, to great prices on fashion, toys, electronics, and seasonal decorations, we’re here to help families from around the world make this a special time. Looking ahead, our inventory is in good shape, the teams are focused, and our associates are ready to serve our customers and members whenever and however they want to be served,” CEO of Walmart, Doug McMillon said in a letter to investors.
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Shares of Walmart fell by around 7% on Thursday on future outlook despite beating Q3 estimates.
Walmart stock price targets
Walmart is the 16th largest company in the world with a market cap of $421.71 billion.
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Sources: Walmart Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Financial Times
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