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Walmart Reports Strong Quarterly Earnings, Announces Vizio Acquisition

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3 months ago

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Walmart Inc. reported strong financial results for its fiscal fourth quarter, showcasing resilience in the face of consumer spending patterns amidst lingering inflation levels. The retail giant’s net income reached $5.49 billion, exceeding analyst expectations, with earnings per share at $1.80. Sales for the quarter climbed 6% to $173.39 billion, positioning Walmart positively as it entered the new fiscal year in January.

Shares of Walmart surged more than 5% in early trading following the announcement. The company also disclosed a $2.3 billion agreement to acquire smart-television manufacturer Vizio, with shares of Vizio soaring 15% prior to market opening.

Under this deal, Walmart will purchase Vizio for $11.50 per share in cash. The acquisition is geared towards enhancing Walmart’s advertising business, providing the retailer with a rapidly expanding and profitable advertising arm. Seth Dallaire, executive vice president and chief revenue officer of Walmart U.S., hailed the deal as an opportunity to scale up the business.

Rachel Adams

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