Walmart to move share listing to Nasdaq in reflection of importance of tech

The transfer of Walmart’s common stock to Nasdaq, traditionally home to tech companies including Apple and Amazon, reflects the ever-growing importance ot technology in retail and how it is shaping the future of business.

Walmart announced the move as it unveiled quarterly figures showing strong growth.

Walmart chief financial officer John David Rainey said: “Moving to Nasdaq aligns with the people-led, tech-powered approach to our long-term strategy. Walmart is setting a new standard for omnichannel retail by integrating automation and AI to build smarter, faster and more connected experiences for customers, while enabling our associates to deliver even greater value at scale.

“We are appreciative of our long partnership with such a storied institution as the New York Stock Exchange and are excited about partnering with Nasdaq on this next chapter of our growth story.”

Walmart said the change “underscores the strong alignment between Walmart and Nasdaq’s shared values: a technology-forward approach, delivering exceptional client value and redefining their respective industries through innovation”.

In its third quarter, Walmart generated revenue up 6% at constant currency to $179.5bn. Operating income slipped 0.2%, “primarily due to a non-cash share-based compensation charge” but at an adjusted level rose 8% to $7.2bn. 

Chief executive Doug McMillon, who will stand down next year, said: “The team delivered another strong quarter across the business. Ecommerce was a bright spot again this quarter. We’re gaining market share, improving delivery speed, and managing inventory well. We’re well positioned for a strong finish to the year and beyond that.”