Walmart earnings take a hit from Flipkart deal, shares fall [CNBC]
Walmart Inc. (WMT)
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Source: CNBC
Callaghan O'Hare | Bloomberg | Getty Images Shoppers wait in line at the pharmacy of a Walmart store in Charlotte, North Carolina, Sept. 13, 2018. Walmart cut its earnings outlook, citing the impact of its acquisition of Indian e-commerce company Flipkart, it said Tuesday prior to its annual investors meeting. The company lowered its fiscal 2019 forecast for adjusted earnings per share to $4.65 to $4.80 from an estimated range of $4.90 to $5.05. Refinitiv estimated their adjusted earnings per share to be $4.79. Walmart continues to back its prior 2019 sales growth forecast. Walmart shares were down less than 1 percent in premarket trading Tuesday. The company bought a 77 percent stake in Flipkart for $16 billion in May as part of its strategy to bulk up its e-commerce business. It was Walmart's largest deal ever, and was reportedly hard-won as Amazon also made an offer for the company. India is an important market and Walmart saw
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