Walmart's CFO Just Dropped a Bombshell Reason to Buy The Stock
The world's biggest brick-and-mortar retailer is evolving in a big way. Yes, Walmart (NYSE: WMT) is doing more online sales every year, but that's not its biggest evolution taking shape right now. Neither is its foray into primary healthcare, or any of its other traffic-driving offerings like premium private-label wines or technology-installation services.
Rather, the company's most game-changing initiative currently underway is the advent of its digital advertising business -- called Walmart Connect -- driven by online-shopping traffic at Walmart.com. Walmart only saw $2.7 billion worth of this ad business last fiscal year (ended in January) versus company-wide revenue of $611 billion. But that advertising revenue figure grew nearly 30% last year, and was up 41% year over year just last quarter.
The kicker? CFO John David Rainey says this budding business is just getting started, and will make up a significant part of the company's profit profile in the very near future. He explained at the recent Raymond James-hosted investor conference:
Source Fool.com
