Shares of Walmart (NYSE: WMT) rose 6.5% on Tuesday after the retail giant reported solid sales growth and announced a massive new stock-buyback program.
Walmart's revenue climbed 8.7% year over year to $152.8 billion in its fiscal 2023 third quarter ended Oct. 31. An 8.2% surge in the discount chain's U.S. comparable-store sales (excluding fuel) and a 10% increase in its Sam's Club comp sales helped to drive the gains.
Notably, Walmart's e-commerce sales grew by 16%. The company's nascent digital-advertising business is also expanding rapidly, with global ad revenue up over 30%.
Source Fool.com