Walmart’s shares fell by more than a third in after-hours trading on Tuesday after the retail giant reported weaker-than-expected results.
The retail giant posted a net loss of $2.45 billion for the three months ended Feb. 25, according to FactSet.
Analysts polled by FactSet had expected a loss of about $1.3 billion, according with Thomson Reuters I/B/E/S.
Walmart shares have fallen in more than 20 of the 30 countries in the S&P 500 index.
The company is currently trading below the $50 mark, down more than 2% from the all-time high of $60 reached in October.
The earnings miss came just days after Wal-Mart said it would close more than 10,000 stores, including its namesake stores, in the United States.
The retailer said it will save more than $500 million through fiscal 2019 and said it plans to sell off some of its biggest brands.
The stock price has plunged nearly 80% from its record high in March.