Amazon, the world’s largest e-commerce giant, has dethroned Walmart Inc. to become the top revenue-generating company.
Walmart had held the crown for annual revenue for 12 consecutive years.
While Amazon had previously outpaced Walmart in quarterly sales, this marks the first time it has surpassed Walmart in annual revenue.
On Thursday, Walmart released its earnings report, disclosing an annual revenue of 713.5 billion USD for the previous year.
In contrast, Amazon announced on February 5 that it had raked in 716.9 billion USD in revenue last year.
This milestone represents Amazon’s first-ever overtaking of Walmart in yearly sales.
It’s a historic moment, signaling the first time an online retailer has outperformed a brick-and-mortar giant in terms of revenue.
This shift underscores a seismic change in consumer behavior, proving that shoppers are increasingly favoring online purchases over in-store experiences.
Despite Walmart’s last quarter performance exceeding market expectations, its stock dipped 1.38% as its outlook fell short of analysts’ projections.
