Walmart Tumbles After Slowing Online Growth Jolts Investors
- Retailer’s shares fall as much as 9.5 percent, most since 2015
- Company says it’s still assessing impact of U.S. tax overhaul
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Walmart Inc. fell the most in more than two years after delivering a disappointing annual profit forecast, sparking fears that its bid to catch up with Amazon.com Inc. online is losing momentum.
The world’s largest retailer expects earnings of $4.75 to $5 a share this fiscal year, excluding some items, compared with an average Wall Street estimate of $5.13. Though Walmart’s sales last quarter topped projections, the results reflected a slowdown in online orders -- a key metric in its battle to fend off Amazon.com Inc.