Walmart shares fell 8% after the retailer reported second-quarter results that showed strong revenue growth, higher e-commerce sales and better operating income, but investors appeared to focus on tariff-related benefits and rising inventory.The company reported revenue of $187.9 billion for the quarter, up 5.9% from a year earlier. On a constant currency basis, revenue grew 5.1%.Global e-commerce sales rose 23%, led by store-fulfilled pickup and delivery, along with growth in marketplace sales. The company’s advertising business also remained strong, with global advertising revenue up 38%. Walmart US advertising revenue also grew 38%.Membership fee revenue rose 17% globally, helped by continued growth in its paid membership programmes.Walmart’s gross profit rate improved by 96 basis points, led by Walmart US. The company said the number was affected by tariff refund benefits during the quarter.Operating income rose $2.1 billion, or 28.8%. On an adjusted constant currency basis, operating income grew 17.4%. The company said the result included the benefit of tariff refunds, partly offset by price investments made during the quarter.Walmart said that excluding the net impact of tariff refunds and price investments, underlying operating income growth came in at the top end of its guidance.Adjusted earnings per share stood at $0.81. The number excludes a net loss of $0.12 per share from equity and other investments and a net benefit of $0.11 from a certain tax matter.Also Read: Dow Jones| Nasdaq | US Stock Market Today | Live: US stocks open lower as rising bond yields weigh on sentimentThe company also reported return on assets of 8% and return on investment of 15.4%.Inventory was another area watched by investors. Global inventory rose 6.7%, or 6% on a constant currency basis, due to strategic initiatives and inflation.