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Time of India
6 days ago
- Business
- Time of India
Who is Suresh Kumar, the Indian-origin Walmart CTO in news amid latest job cuts
Earlier this week, Walmart announced plans to lay off 1,500 employees at its headquarters in Bentonville, Arkansas, as it looks to cut costs and weather economic uncertainties, affecting the global technology team, ecommerce fulfillment in US stores and advertising business, Walmart Connect. The job cuts are meant to accelerate decision-making and reduce complexities, a memo by chief technology officer (CTO) Suresh Kumar and Walmart US chief executive officer (CEO) John Furner read, as reviewed by Bloomberg News. While eliminating some roles, Walmart is also creating new positions, they said. The latest round of layoffs has drawn criticism from US tech workers. One user on X claimed the vacancies in the Walmart tech team will be filled by H-1B visa holders. One post with Kumar's image claimed without proof that 40% of Walmart's IT department comprises H-1B visa holders from India. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Who is Suresh Kumar Over three decades of his experience, Bengaluru-born Kumar has worked with Microsoft , Google and Amazon in various leading capacities. He has been working with Walmart for nearly six years, currently serving as global CTO and chief development officer. In this role, he leads Walmart's technologists across its global businesses, including Walmart US, Sam's Club, and Walmart International. He also oversees global shared services, data, cloud, infrastructure, and information security organisations for the retail major. Before joining Walmart, Kumar was the vice president and general manager at Google. In this role, he oversaw display, video, app advertising, and analytics, managing the advertising revenue and bottomline across platforms like the Google Play Store, Gmail, and YouTube. He led product and engineering teams for key advertising and analytics products including AdSense, AdMob, DV360, AdManager, and Google Analytics (both standard and 360). During his tenure, he drove business growth, introduced new product features, and significantly cut infrastructure and traffic acquisition costs. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Before joining Google, Kumar held a senior role at Microsoft as corporate vice president of cloud infrastructure and operations. He led the global planning, delivery, and management of Microsoft's physical cloud infrastructure, including data centres, networks, servers, supply chains, and automation systems. Under his leadership, Microsoft doubled its global cloud footprint and tripled capacity. He also transformed the company's cloud supply chain and operations to enhance scalability, agility, and safety through automation. Prior to Microsoft, Kumar spent 15 years at Amazon in multiple leadership roles. As vice president of technology for retail systems and operations, he played a key role in scaling Amazon's retail business tenfold by automating functions like forecasting, pricing, merchandising, and vendor management. He also oversaw Amazon's retail operations, catalog management, and competitive analysis. Earlier, he led Amazon's retail supply chain and inventory systems. Kumar began his career at IBM's Thomas J Watson Research Center, where he worked on collaborative supply chain planning and shock protection technologies for portable hard drives. Kumar holds a PhD in engineering from Princeton University. He completed his BTech in aerospace, aeronautical and astronautical engineering from Indian Institute of Technology, Madras in 1987. Suresh Kumar salary Kumar earned $15.98 million last year at Walmart, according to a regulatory filing. This included base salary of $1.1 million and stock awards worth $12 million. Walmart's tariff troubles Earlier this month, US President Donald Trump lashed out at Walmart , accusing the retail giant of using tariffs as an excuse to raise prices and urging the company to absorb the cost increases instead of passing them on to American consumers. 'Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,' Trump wrote in a post on Truth Social.
Mint
22-05-2025
- Business
- Mint
Layoffs: Walmart cuts 1,500 jobs in technology team, says move will ‘reduce complexities, accelerate decisions'
Layoffs: American retail giant Walmart Inc. is cutting corporate staff at it's Bentonville headquarters in Arkansas, and other offices, Bloomberg reported, ciring sources. The move aims to cut costs amid economic volatility, it said, adding that an internal memo said staffing changes are aimed at creating more efficiency. According to the sources, the world's largest retailer is cutting roles in its global technology team. And one source said fewer than 1,500 employees are impacted. 'Changes are aimed at accelerating decision-making and reducing complexities. In addition to eliminating some roles, Walmart is creating new positions,' the internal memo signed off by Chief Technology Officer Suresh Kumar and Walmart US Chief Executive Officer John Furner stated. The cuts will simplify the tech team's structure and allow faster movement and more effective adaption, besides improving efficiency, the memo further said. 'Today, store fulfillment is a complicated process with multiple points of contact. This creates friction,' Cedric Clark, executive vice president of store operations at Walmart US, said in a separate memo, adding that removing friction around digital orders will help customers. Walmart is making changes to some roles running these orders. The company is also changing the structure of the advertising business, Kumar and Furner said. Walmart didn't comment on the layoffs. The shares were little changed in late trading in New York. The stock has risen 6.7% this year through Wednesday's close, outperforming the S&P 500 Index. The downsizing follows a reorganization in February, when Walmart cut some jobs and asked employees to move to central offices in Arkansas and California. The company has about 1.6 million US employees, making it the largest private employer in the country. Walmart has performed better than its competitors in recent quarters, but warned that prices are poised to rise due to higher tariffs. Those remarks drew the ire of President Donald Trump over the weekend. (With inputs from Bloomberg)
Yahoo
20-02-2025
- Business
- Yahoo
Walmart stock drops as it posts Q4 earnings beat, cautious 2025 guidance
Walmart (WMT) posted another strong quarter as inflation-weary shoppers searched for value. Revenue and adjusted earnings per share came in higher than Wall Street expected in the retailer's fourth quarter and fiscal 2025 results, released on Thursday before the market open. Quarterly revenue increased 5.3% year over year to $182.6 billion, while adjusted earnings per share was up 10% to $0.66. However, its stock dropped 5% in premarket trading, as Walmart's fiscal 2026 guidance disappointed investors. Prior to earnings, its shares have soared over 75% in the past year, compared to a 23% gain for the S&P 500 (^GSPC) and a 13% drop at rival Target (TGT). Same-store sales for Walmart US increased 4.6% in the quarter. The growth was boosted by the retailer attracting more higher-income shoppers with its emphasis on value and convenience. Its sales at Walmart US e-commerce jumped 20% year over year, fueled by in-store pickup and delivery, as well its advertising platform and online marketplace. Strong holiday sales also drove the quarter. "We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times," CEO Doug McMillon said in the release, "We're gaining market share, our top line is healthy, and we're in great shape with inventory." Its subscription service, Walmart+, saw double-digit growth in the quarter, while membership and other income increased 33%. The retailer's US grocery business, which makes up 60% of total sales, saw mid-single digit same-store sales growth, boosted by increased foot traffic and e-commerce. Discretionary items, like toys, home decor, and fashion, which have been lagging in recent years, saw low single digit growth in the quarter. For the full year, Walmart surpassed Wall Street's expectations. Net sales increased 5.6% to $684.2 billion. However, "investors will focus less on the quarter and more on the outlook for 2025, and specifically overlook what we expect to be an initial conservative, and below consensus, guide for the fiscal year," Deutsche Bank analyst Krisztina Katai told clients in a note prior to earnings. For its fiscal year 2026, the company put forth a conservative guidance, as it has done for the last two years. It projects to increase net sales between 3% to 4%. "We've been operating in a highly dynamic backdrop for several years, and we expect this year to be no different. Our outlook assumes a relatively stable macroeconomic environment, but acknowledges that there are still uncertainties related to consumer behavior and global economic and geopolitical conditions," CFO John David Rainey said on the earnings call. Here's what Walmart reported for its fourth quarter results versus Bloomberg consensus estimates: Revenue: $182.6 billion, versus $180.21 billion Adjusted earnings per share: $0.66, versus $0.65 Walmart US same-store sales growth: 4.6%, versus 4.36% Foot traffic growth: 2.8%, versus 2.67% Ticket growth: 1.8%, versus 1.96% E-commerce sales growth: 2.9%, versus 2.88% Sam's Club US same-store sales growth: 6.8%, versus 4.99% Here's what Walmart reported for its fiscal year 2025 results, versus Bloomberg consensus estimates: Revenue: $684.2, versus $680.70 billion Adjusted earnings per share: $2.51, versus $2.49 Walmart US same-store sales growth: 4.5%, versus 4.62% Sam's Club US same-store sales growth: 5.9%, versus 5.35% — Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy
Yahoo
20-02-2025
- Business
- Yahoo
Walmart posts Q4 earnings beat as it gains high-income shoppers, but guides cautiously for 2025
Walmart (WMT) posted another strong quarter as inflation-weary shoppers searched for value. Revenue and adjusted earnings per share came in higher than Wall Street expected in the retailer's fourth quarter and fiscal 2025 results, released on Thursday before the market open. Quarterly revenue increased 5.3% year over year to $182.6 billion, while adjusted earnings per share was up 10% to $0.66. Walmart stock has soared over 75% in the past year, compared to a 23% gain for the S&P 500 (^GSPC) and a 13% drop at rival Target (TGT). Same-store sales for Walmart US increased 4.6% in the quarter. The growth was boosted by the retailer attracting more higher-income shoppers with its emphasis on value and convenience. Its sales at Walmart US e-commerce jumped 20% year over year, fueled by in-store pickup and delivery, as well its advertising platform and online marketplace. Strong holiday sales also drove the quarter. "We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times," CEO Doug McMillon said in the release, "We're gaining market share, our top line is healthy, and we're in great shape with inventory." Its subscription service, Walmart+, saw double-digit growth in the quarter, while membership and other income increased 33%. The retailer's US grocery business, which makes up 60% of total sales, saw mid-single digit same-store sales growth, boosted by increased foot traffic and e-commerce. Discretionary items, like toys, home decor, and fashion, which have been lagging in recent years, saw low single digit growth in the quarter. For the full year, Walmart surpassed Wall Street's expectations. Net sales increased 5.6% to $684.2 billion. However, "investors will focus less on the quarter and more on the outlook for 2025, and specifically overlook what we expect to be an initial conservative, and below consensus, guide for the fiscal year," Deutsche Bank analyst Krisztina Katai told clients in a note prior to earnings. For its fiscal year 2026, the company put forth a conservative guidance, as it has done for the last two years. It projects to increase net sales between 3% to 4%. "We've been operating in a highly dynamic backdrop for several years, and we expect this year to be no different. Our outlook assumes a relatively stable macroeconomic environment, but acknowledges that there are still uncertainties related to consumer behavior and global economic and geopolitical conditions," CFO John David Rainey said on the earnings call. Here's what Walmart reported for its fourth quarter results versus Bloomberg consensus estimates: Revenue: $182.6 billion, versus $180.21 billion Adjusted earnings per share: $0.66, versus $0.65 Walmart US same-store sales growth: 4.6%, versus 4.36% Foot traffic growth: 2.8%, versus 2.67% Ticket growth: 1.8%, versus 1.96% E-commerce sales growth: 2.9%, versus 2.88% Sam's Club US same-store sales growth: 6.8%, versus 4.99% Here's what Walmart reported for its fiscal year 2025 results, versus Bloomberg consensus estimates: Revenue: $684.2, versus $680.70 billion Adjusted earnings per share: $2.51, versus $2.49 Walmart US same-store sales growth: 4.5%, versus 4.62% Sam's Club US same-store sales growth: 5.9%, versus 5.35% — Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy Sign in to access your portfolio
Yahoo
20-02-2025
- Business
- Yahoo
Walmart posts Q4 profit beat as it gains high-income shoppers, but guides cautiously for 2025
Walmart (WMT) has posted another strong quarter as inflation-weary shoppers searched for value. Revenue and adjusted earnings per share came in higher than Wall Street expected in the retailer's fourth quarter and fiscal 2025 results, released on Thursday before the market open. Quarterly revenue increased 5.3% to $182.6 billion, while adjusted EPS was up 10% to $0.66, compared with a year ago. Same-store sales for Walmart US increased 4.6% in the quarter, slightly lower than expected. The quarter was boosted by the retailer's success in attracting more higher-income shoppers yet again, with its emphasis on value and convenience. Its Walmart US e-commerce business saw a 20% increase in sales, fueled by in-store pickup and delivery, as well its advertising platform and online marketplace. Strong seasonal sales in the holiday shopping season, which was five days less, also boosted the quarter. "We have momentum driven by our low prices, a growing assortment, and an eCommerce business driven by faster delivery times," CEO Doug McMillon said in the release, "We're gaining market share, our top line is healthy, and we're in great shape with inventory." Its the subscription service, Walmart+, saw double-digit growth in the quarter, while membership and other income increased 33%. More customers paid up for expedited delivery, too. The retailer's US grocery business, which makes up 60% of total sales, saw mid-single digit same-store sales growth, boosted by increased foot traffic and e-commerce. Its health and wellness grew mid-teens, from an increase in pharmacy scripts, over-the-counter, same-day pharmacy delivery and sales of GLP-1, which contributed roughly 100 basis points. Discretionary items, like toys, home decor and fashion, which have been lagging in recent years, saw low single digit growth in the holiday quarter. For the full year, Walmart surpassed Wall Street's expectations, and its own guidance, for net sales which it expected to increase in the range of 4.8% and 5.1% for the fiscal year. Net sales increased 5.6% for the fiscal year to $684.2 billion. However, "investors will focus less on the quarter and more on the outlook for 2025, and specifically overlook what we expect to be an initial conservative, and below consensus, guide for the fiscal year," Deutsche Bank analyst Krisztina Katai told clients in a note. For its fiscal year 2026, the company did put forth a conservative guidance, as its done for the last two years, with expectations to increase net sales between the range to 3% to 4%. Here's what Walmart reported for its fourth quarter results versus Bloomberg consensus estimates: Revenue: $182.6 billion, versus $180.21 billion Adjusted earnings per share: $0.66, versus $0.65 Walmart US same-store sales growth: 4.6%, versus 4.36% Foot traffic growth: 2.8%, versus 2.67% Ticket growth: 1.8%, versus 1.96% E-commerce sales growth: 2.9%, versus 2.88% Sam's Club US same-store sales growth: 6.8%, versus 4.99% Here's what Walmart reported for its fiscal year 2025 results, versus Bloomberg consensus estimates: Revenue: $684.2, versus $680.70 billion Adjusted earnings per share: $2.51, versus $2.49 Walmart US same-store sales growth: 4.5%, versus 4.62% Sam's Club US same-store sales growth: 5.9%, versus 5.35% Walmart stock has soared over 75% in the past year, compared to a 23% gain for the S&P 500 (^GSPC) and a 13% drop at rival Target (TGT). Jefferies analyst Corey Tarlowe told Yahoo Finance there is still room to run for the stock. "If you aggregate all the potential benefits that Walmart is likely to see from higher-margin revenue streams like advertising and fulfillment services and the addition of automation and AI into their business, all of that should really continue to benefit the P&L," he said. Joe Feldman of Telsey Advisory Group told clients in a note the firm expects "Walmart to remain a leader and market share gainer ... given its defensive product mix, strong focus on the customer, ability to leverage talent and technology, and robust financial flexibility." It could also have a leg up in the environment in which President Trump has put an avalanche of potential tariffs on the table. Walmart touts that two-thirds of its annual product spend is made, grown, or assembled in the US, giving it lower exposure to imports than other companies. However, if costs rise, it will still have to pass along higher prices to consumers. Its value gap, particularly within its private labels, will help blunt the impact. For example, its Great Value brand is now about 50% cheaper than name-brand competitors, per Tarlowe. — Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@ Click here for all of the latest retail stock news and events to better inform your investing strategy Sign in to access your portfolio
