TIL Desk/Business/New York/ Walmart’s share price soared on Thursday as investors focused on the retail giant’s strong quarterly revenue gains and shrugged off a net loss linked to the sale of a majority stake in its Brazilian unit.
The Bentonville, Arkansas-based company posted a net loss of $861 million for the three months ended July 31, 2018, compared with net income of $2.9 billion for the same quarter of 2017.
The net loss was a direct consequence of the company’s sale of its majority stake in Walmart Brasil, a transaction for which the retailer recorded a $4.8 billion pre-tax loss.
But investors focused much more on the company’s total revenues between May and July of $128 billion, which were up from $123.4 billion in the same quarter of 2017 and higher than Wall Street’s expectations.
Walmart has begun reaping the benefits of a renewed focus on grocery sales in recent months and also has seen strong e-commerce sales growth since redesigning its Web site in a bid to compete with Amazon.
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