Amazon.com Inc AMZN shares are trading higher Tuesday in sympathy with Walmart Inc WMT, which popped after the company reported better-than-expected financial results and raised its outlook.
- WMT Q3 Revenue: $152.8 billion beat estimate of $147.51 billion
- WMT Q3 EPS: $1.50 beat estimate of $1.32
Walmart said its e-commerce sales increased 16% year-over-year and 24% on a two-year basis. U.S. comparable sales grew 8.2% year-over-year. International sales were up 7.1%.
“We had a good quarter with strong top-line growth globally led by Walmart and Sam’s Club U.S., along with Flipkart and Walmex. Walmart U.S. continued to gain market share in grocery, helped by unit growth in our food business. We significantly improved our inventory position in Q3, and we’ll continue to make progress as we end the year," said Doug McMillion, president and CEO of Walmart.
Walmart expects fourth-quarter consolidated net sales growth of approximately 3%. The company anticipates an adjusted earnings per share decline between 3% and 5%.
Full-year net sales growth is expected to come in around 5.5%. Walmart expects a full-year adjusted earnings per share decline between 5% and 6%.
Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators.
MoffettNathanson analyst Michael Morton also initiated coverage on Amazon with an Outperform rating and announced a $118 price target.
AMZN Price Action: Amazon has a 52-week high of $188.11 and a 52-week low of $85.97.
The stock was up 3.06% at $101.50 at time of publication.
Photo: courtesy of Amazon.
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