Wal-Mart Profits Improve, but Wall Street Heeds Caution
Wal-Mart investors saw recent profits crash Thursday as the retailer narrowly missed revenue estimates and alerted of more investigations into foreign corruption not limited to China, India and Brazil.
The Bentonville-behemoth reported $1.08 per share in net earnings, on total revenue of $113.9 billion in its third quarter of fiscal 2013, ahead of the market opening.
This compared to 97 cents per share and total revenue of $110.22 billion in the year-ago period.
By company standards it was a strong quarter, but one that did not impress Wall Street analysts who expected to see $1.07 per share in net profits on revenue of $114.95 billion in the recent quarter.
Shares tumbled more than 4.5% in heavy trading at the opening bell. The stock price fell into $68 range in first few minutes of trading, down more than $3 from yesterday’s close. Click here to read the full story from our partners at TheCityWire.com.