Walmart's throne now belongs to Amazon! After 12 years at the top, the retail giant has finally fallen, and its stock continues to plummet!
In the last quarter of 2024, Amazon recorded a record revenue of $187.8 billion, surpassing Walmart which only earned $180.6 billion.
Although Walmart still dominates the retail sector, Amazon's secret weapon is its cloud business that has given it a lot of advantages.
The company's shares plunged 6.8%, its worst daily drop in more than a year, wiping about $51 billion off the company's market value.
This fall was not only a loss of the throne, but the Walton family, the heirs of Walmart, also suffered the brunt of losing billions of dollars in an instant
Walmart's financial results, although strong, failed to convince investors.
The company predicted sales growth of only 3% to 4% for the fiscal year 2025, lower than market expectations of around 4.1%.
More worryingly, Walmart's Chief Financial Officer, John David Rainey, warned that new tariffs that the Donald Trump administration could impose could increase the price of goods and hurt profits.
Meanwhile, Amazon's e-commerce empire continues to grow rapidly, fueled by post-pandemic shopping habits.
