Walmart discontinues Jet.com after $3B acquisition
Walmart cited the 'continued strength of the Walmart.com brand'
Walmart reported better-than-expected earnings and revenue. FOX Business' Cheryl Casone with more.
Walmart said on Tuesday it will discontinue Jet.com after acquiring the internet retailer for $3 billion in 2016.
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Walmart cited the "continued strength of the Walmart.com brand" for the decision in its most recent earnings report, which touted a 74 percent increase in ecommerce sales.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 84.47 | -1.03 | -1.20% |
"The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy," the company said.
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The move isn't a total surprise — Walmart had been shifting focus away from Jet.com since 2019 and shut down its personal shopping and delivery unit, Jet black, in February after it failed to gain traction.
People wearing masks and gloves wait to checkout at Walmart in Uniondale, New York. (Photo by Al Bello/Getty Images)
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Jet.com was among several startups Walmart bought in the past decade as its rival Amazon continued to assert dominance in the online retailer space.
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