Walmart is shutting down Jet after spending $3 billion on it in 2016

Walmart is shutting down, the online shopping site it bought in 2016 for $3 billion as part of its attempts to better compete with rival Amazon online, an area that Amazon excels at compared to Walmart, via TechCrunch.

According to Walmart’s Q1 earnings release, the decision to shut down is due to the “continued strength of the brand,” with the company citing the Jet acquisition in 2016 as “critical to accelerating our omni strategy.” But the numbers tell a different story: last year, Walmart lost about $2 billion on its online e-commerce operations, according to a report from The Wall Street Journal, with the company looking to refocus its business with its retail locations at the core (a key area where…

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