After 16 Years, Walmart Loses Top Spot to Amazon
Newser • • business
Key Points:
- Amazon has surpassed Walmart to become the largest company in the US and the world by annual revenue, generating $716.9 billion compared to Walmart's $713.2 billion in the most recent fiscal year.
- Amazon's revenue grew by 12.4% last year, outpacing Walmart's 4.7% growth, reflecting differing growth trajectories between the two retail giants.
- Walmart, which held the top spot since 2001, has shifted its messaging to focus on being "America's favorite place to shop" rather than the largest company by revenue.
- Amazon's rise is significantly bolstered by its cloud computing division, Amazon Web Services, which contributed to a substantial portion of its revenue, a business area Walmart
