Walmart discontinuing Jet.com as e-commerce soars in Q1 | ||
Wednesday, 20 May 2020 ()
Walmart announced in its quarterly earnings report Tuesday that it will discontinue Jet.com, the e-commerce company it purchased in 2016 for $3 billion in cash and $300 million in stock. The company said in a statement that the acquisition of Jet.com nearly four years ago was “critical to accelerating our omni strategy” but that the separate website was no longer needed due to the “continued strength of the Walmart.com brand.” Walmart’s U.S. e-commerce sales grew 74% in the first quarter,… |
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Walmart sales surge as shoppers stockpile 01:16Walmart posted record U.S. online sales as stockpiling drove consumers to its stores and website during the coronavirus pandemic, sending its shares up 3%. Fred Katayama reports. |