Walmart shares First-quarter revenues increased by 205%, driven mostly by internet sales

Driven by its advertising and e-commerce divisions, the U.S. department store chain Walmart grew its net income by 205% in the first fiscal quarter of 2024, amounting to $5,104 million.

Walmart’s quarterly statistics, which were made public on Thursday, showed that a robust increase in the number of sponsors contributed to a 24% global increase in advertising sales.

Its e-commerce division, whose revenues increased 22% over the previous year due to its home delivery service and in-store pickup of online orders, also contributed to the increase in net income.

Conversely, Walmart said that its overall revenues increased by 6% year over year to reach 161,508 million dollars.

“Our team had a great quarter (…) We’re people-driven and we’re powered by technology, and that combination is driving our business,” said Walmart CEO and President Doug McMillon.

Walmart also posted operating income of $6.841 billion, an increase of 9.6% over last year.

The results exceeded analysts’ expectations and the company’s shares rose 6% this morning on the Wall Street stock market, reaching an all-time high; so far this year, its stock futures are up nearly 14%.