Walmart takes bruises from Amazon battle in fourth quarter
NEW YORK (AP) — Walmart is taking some bruises from its battle with online leader Amazon.
The world's largest retailer reported a lower-than-expected fourth-quarter profit and wrestled with slower e-commerce sales during the busiest time of the year, signs that underscore the company's challenges in a fiercely competitive landscape.
The news, announced Tuesday, overshadowed the discounter's better-than-expected sales at its established stores and higher customer counts as online services linked to its fleet attract more shoppers.
Its shares slipped nearly 10 percent in afternoon trading, putting it on track for the biggest percentage drop since October 2015.