Walmart Inc (WMT) passed the $500bn market cap figure for the first time in its history on Thursday, as the market reacted to better Q1 earnings than had been anticipated, with annual sales and profit forecasts all impressively high.
Walmart Passes The $500bn Mark
Thanks to the unexpectedly good results, WMT shares jumped by around 7% on Thursday, making it the most positive day since early 2020 as they rose to an all-time-high price of $64. This was enough to push the total value of WMT to almost $516bn, with a $34bn hike on the day.
WMT is the most valuable business listed in the S&P 500 Consumer Staples Index and is now 14th in the overall S&P 500 Index. One of the reasons for Walmart’s improved results is the fact that it has been one of the most successful of the retail giants in adapting to online sales while the retail sector has gone through a tough period. The ecommerce sector of its business has risen by 21% on a global basis.
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To date, 2024 has seen WMT shares rise by 22%. Among the highlights of its Q1 results are revenue growth of 6% and operating income growth of 9.6%. As a result, adjusted operating income is up by 13.7% when compared to last year.
President and CEO Doug McMillon said that “around the world our goal is simple – we’re focused on saving our customers both money and time”. He also pointed out that the business is “people-led and tech-powered”.
