Walmart is supposed to be making a solid run for second place in online shopping. But a leading Wall Street bank downgraded its shares today, as Amazon is instead extending its already-towering dominance of the market.
What we’re hearing: Walmart had a respectable 2017 in terms of overall sales, racking up $485 billion in revenue, up 3.1% from the prior year. But Thomas Paulson of Inflection Capital says the retailer had $11.5 billion in online sales last year, amounting to 1.9% of a total $606 billion U.S. e-commerce market. Amazon commanded $219 billion in e-commerce sales — 36.2% of the whole, he said.