The business press is obsessed with Walmart Inc. (NYSE: WMT). It is America’s largest company, both based on employee count, which totals 1.7 million in the United States, and on revenue. The Walton family, who own much of Walmart, is among the richest in the world. And Walmart is often criticized for paying its workers hourly wages so low that many live at the poverty line.
[in-text-ad]
The obsession often turns to making Walmart a company that it is not. A recent Wall Street Journal headline read: “Walmart Lays Off Hundreds of Corporate Workers.” In the second paragraph of the story, the figure is put at 200. Stories based on this ran in The New York Times, Bloomberg, CNBC and CNN Business, among others.
The reason given for the layoffs is that Walmart cut its earnings guidance. It also announced that revenue grew 2.4% to $141.6 billion in the most recent quarter. Net income was $2.1 billion. Will Walmart have sales problems with a recession? Yes. Will it undermine the retailer’s future? No.
Consider how tiny that 200 figure is compared to 1.7 million workers. Consider how little it saves Walmart in expenses. Consider how far it is from an actual reorganization.
Walmart’s move does not deserve large headlines. It is barely a footnote in the scheme of things. Better to look at companies that have laid off thousands or more, against revenue bases that are much smaller.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.