ByTy Roush,
Forbes Staff.
Walmart’s stock rallied as trading opened Thursday after the retailer reported robust quarterly revenues, beating out Wall Street’s estimates as business was fueled by a surge in online shopping and rising popularity among high-income consumers.
Shares of Walmart rose more than 5.6% to above $106 shortly after trading opened Thursday, pacing what would be the stock’s second-largest gain this year behind a 9.5% rally in April—the stock is up more than 6% as of 10:40 a.m. EST.
The retailer reported earnings per share of 62 cents and revenues of $179.5 billion through its latest quarter on Thursday, surpassing analysts’ estimates of 60 cents and $177.4 billion, according to FactSet.
