Amazon Tops Walmart On Revenue
The e-commerce giant built by Jeff Bezos has finally surpassed Walmart as the largest retailer outside of China (where Alibaba is based). While not a surprise, Amazon's overtaking of Walmart comes on the heels of an 18-month pandemic during which consumers shifted to shopping online rather than in person. Walmart is far from a loser here, though, as it has managed to grow sales by $24 billion in the last year. But its gains pale in comparison to those of Amazon, which saw an almost $200 billion increase in the total value of everything bought on its platform in roughly the same period, The New York Times reported. (Fortune newsletter).
Propelled in part by surging demand during the pandemic, people spent more than $610 billion on Amazon over the 12 months ending in June, according to Wall Street estimates compiled by the financial research firm FactSet. Walmart on Tuesday posted sales of $566 billion for the 12 months ending in July.
