Walmart earnings jump 80% to $3.8bn on higher US sales

The world’s biggest retailer reported profits of $3.8 billion. (AP)
Updated 16 May 2019
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Walmart earnings jump 80% to $3.8bn on higher US sales

  • The world’s biggest retailer reported profits of $3.8 billion

NEW YORK: Walmart reported a jump in first-quarter earnings Thursday on higher US store sales and eCommerce growth following heavy investment in new “omnichannel” retail ventures.
The world’s biggest retailer reported profits of $3.8 billion.
That’s an increase of 80 percent from the year-ago period when results were dented by a one-time earnings hit following US tax reform.
Shares rose in pre-market trading.


Samsung may gain from Huawei’s plight in ongoing trade war: Fitch

Updated 32 min 26 sec ago
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Samsung may gain from Huawei’s plight in ongoing trade war: Fitch

  • The loss of access to Google’s android system may hurt the smartphone sales of Huawei outside China
  • The ratings agency also added that iPhone maker Apple could be another casualty of the trade tensions

Samsung may have a chance to strengthen its position in the smartphone market due to the hurt caused to Huawei Technologies in the wake of US-China trade tensions, according to Fitch Ratings.
Tech companies, including Google and SoftBank Group-owned chip designer ARM, have said they will cease supplies and updates to Huawei.
The loss of access to Google’s android system may hurt the smartphone sales of the Chinese technology company outside China, thereby giving Samsung a chance to improve its market share, Fitch Ratings said in a statement.
Earlier this month, the US government hit Huawei with severe sanctions as the US Commerce Department blocked the Chinese company from buying American goods amid its escalating trade spat with China.
The ratings agency also added that iPhone maker Apple could be another casualty of the trade tensions between Beijing and Washington, which would accelerate its market share loss in China.