"For the first time, Walmart on Thursday reported lower annual sales than Amazon: Walmart's revenue was $713.2 billion for the year ending in January, while Amazon, boosted by its lucrative cloud-computing business, made $716.9 billion in revenue for the year ending in December. For about a decade, Walmart had reigned supreme thanks to its status as the world's largest retailer with nearly 11,000 stores employing more than 2 million people."
"Yet the factor that's propelled Amazon past Walmart is its fast-growing technology side. Amazon Web Services is the leading provider of cloud computing. Earlier this month, it reported its fastest growth in years, as companies turn to Amazon Web Services and its massive web of data centers in their rush toward artificial intelligence. Walmart has stepped into the AI race with its own shopping assistant and investments into retail technology. But it doesn't compete in cloud services."
Amazon overtook Walmart in annual revenue, reporting $716.9 billion for the year ending in December versus Walmart's $713.2 billion for the year ending in January. Amazon Web Services delivered rapid growth as companies adopt cloud services and accelerate toward artificial intelligence, lifting Amazon's overall revenue. Walmart remains the world's largest physical retailer with nearly 11,000 stores and over 2 million employees and is expanding its online business, with 24% growth in online sales and faster delivery options. Walmart has invested in AI and retail technology but lacks a major cloud-services business. Market valuations exceeded $1 trillion for Walmart and $2 trillion for Amazon.
Read at www.npr.org
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