Walmart trims profit outlook after Flipkart purchase
(CNN Business)Walmart warned investors Tuesday that its acquisition of Flipkart will hurt its quarterly profit.
Walmart agreed to pay $16 billion for a 77% stake in the company earlier this year. Flipkart is India’s top online retailer and gives Walmart access to a market it has been trying to crack for years.
Walmart said the purchase will cut earnings by 25 cents a share, or about $740 million, in the current quarter.
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