Searching for smart, safe news you can TRUST?
Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Walmart reported earnings and sales that beat expectations for the second quarter this year, with e-commerce sales growing for U.S. stores 60%, per a Walmart press release. Revenue was at $123.36 billion compared to an estimated $122.84 billion. Earnings were at $1.08 a share.
Why it matters: Walmart is largely avoiding the struggles hitting the rest of the industry — its size and scale enable it to compete on price with Amazon.
Context: E-commerce sales were up 63% last quarter, compared to 29% growth the prior quarter following Walmart's acquisition of internet retailer Jet. Plus, as CNBC's Lauren Thomas writes, "These days, Walmart and Amazon.com are neck and neck on pricing."
What to watch: Walmart's retail rival, Target, had a report recently that topped expectations in digital sales growth.