Retail giant Walmart’s shares fell on Thursday following the company’s public cautions surrounding consumer spending.
Despite beating Wall Street’s earnings estimates in its third financial quarter, Walmart went on to issue a lower-than-expected annual forecast as U.S. consumers continue tightening their wallets.
Walmart placed its expected annual adjusted earnings per share to range between $6.40 and $6.48, below analysts’ $6.48 predictions.
As a result of the news, Walmart’s stock slid 7% during trading Thursday.
