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Walmart Health wasn’t working, Walmart.com is

Walmart keeps trying new things: many don’t work, but the company’s e-commerce efforts are booming

5/1/24 11:13AM

Likes: trying new things

Giant corporations with 2 million+ employees aren’t known for their willingness to try new things, but Walmart has been doing its best impression of a smaller, more nimble company this week, announcing both a new private-label food brand and a virtual shopping experience with immersive gaming platform Roblox.

Dislikes: losing money

On the other hand, news also broke yesterday that Walmart will be shutting down its 51 health care clinics and telehealth services, citing “escalating operating costs” and a "lack of profitability” at the 5-year-old initiative.

This demonstrable willingness to cut ties with projects that aren’t working, and divert resources to areas that are, has been rewarded by investors: WMT shares are flirting with an all-time high, as its e-commerce business in particular continues to fly.

Despite launching Walmart.com in 2000, it took 16 years and the acquisition of Jet.com for the retailer to get serious about selling online. Since then, it’s doubled down aggressively, with multiple acquisitions and website redesigns — edging ever closer to Amazon and other behemoths in the digital aisles.

Indeed, Walmart's online sales over the last 5 years track on a broadly comparable trajectory to Amazon's from 2007 to 2012, growing to more than $19 billion in the latest quarter. Walmart's core US grocery division grew at a steady 7% last year, while its e-commerce segment managed 22% year-on-year growth. A successful partnership with Roblox, in which players will be able to buy real-life items from within a digital replica of a Walmart store, could keep the growth train running.

Although Walmart's growth is certainly less groundbreaking than Amazon’s — online shopping isn’t exactly exciting tech anymore — it’s given the retailer a new lease of life and opened the doors to an even more lucrative source of revenue: advertising.

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Netflix is down amid reports it’s leading the Warner Bros. bidding war as Paramount cries foul

Netflix’s charm offensive appears to be working.

Netflix is reportedly emerging as the leader in the bidding war for Warner Bros. Discovery after second-round bids this week, edging out entertainment juggernaut rivals Comcast and Paramount Skydance.

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

Paramount questions Warner Bros. Discovery on 'fairness and adequacy' of sale process: Read the full letter

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Delta says the government shutdown will cost it $200 million in Q4

The 43-day government shutdown that ended last month will result in a $200 million ding for Delta Air Lines, the airline said in a filing on Wednesday.

That’s about $100,000 per shutdown-related canceled flight. (Delta previously said it canceled more than 2,000 flights due to FAA flight reductions.) When the company reports its fourth-quarter earnings, the shutdown will lop off about $0.25 per share.

Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

Delta Air Sees $200 Million Hit from Shutdown Fallout

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

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