Consumer
Walmart Tops $500 Billion in Market Value as Results Impress
- Shares hit a record after the retailer boosted its outlook
- Walmart had already been the biggest consumer staples company
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Walmart Inc. shares surged on Thursday, pushing the retailer’s market value over $500 billion for the first time, after it posted stronger-than-expected first-quarter earnings and boosted its annual sales and profit forecasts.
Its shares climbed 7%, the most since March 2020, to close at an all-time high of $64. The stock jump added roughly $34 billion in value, giving the company a market capitalization of $515.8 billion.