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Walmart Stock Declines as the Company Cuts Hundreds of Jobs

Walmart (WMT) is starting a round of layoffs, eliminating many corporate jobs as its stock price drops.

On Wednesday, Walmart stock was down 0.18% to $59.76 a share. The stock has been falling for several days and may continue its downward movement through the week.

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Walmart is requesting that the workers who have been doing their jobs remotely come back to the office. Several hundred layoffs are planned in some areas of the company, according to a memo sent out by Donna Morris, Walmart’s chief people officer.

The company is relocating some of its workers as well, taking those from smaller offices in Toronto, Dallas, and Atlanta and moving them to some of the larger offices. Those include New York, San Francisco Bay, and Bentonville, the home office.

There will still be some remote work allowed, with those who were formerly doing remote work now permitted to do so only part time and be in the office the remainder of the time. Walmart executives said the reason for calling in remote workers is to help the company function together by having employees work closer together.

Walmart Stock Expectations

The changes are designed to help the company save money as well, and as a cost-cutting measure, it could be very effective. The results of the layoffs may show up in the profits for the next quarter and help push the stock price back up.

Walmart’s revenue was up for the previous quarterly earnings report, despite weak retail sales and a struggling economy. With these cuts, Walmart may be able to create more distance between their spending and their revenue.

Further cost cutting measures enacted by the company include the closure of the virtual health care service. All Walmart Heath centers will be closed as well, comprising 51 locations. The company determined that their business model in that area was not sustainable. 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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