WMT Stock forecast : A little over half a year after announcing a new technology hub would be opening in Atlanta, retail giant Walmart Inc ( NYSE:WMT ) has announced that it will be closing three of its other tech hubs in the United States and will require workers in those locations to either relocate or work remotely. In spite of the most recent announcement, WMT stock traded at $146.57, which is a modest increase in comparison to a little over half a year ago. The outlook for WMT stock is bullish according to WalletInvestor’s data from the previous 30 trading days, which projects a 52-week high price of $152.13.
According to a report by the Wall Street Journal, which cited an internal memo from Suresh Kumar, Walmart’s global chief technology officer, the company Walmart ( NYSE:WMT ) will shut down its tech hubs in the cities of Austin, Texas; Carlsbad, California; and Portland, Oregon. According to the news outlet, the retailer will also require that all of its tech workers report to the office at least two days per week.
As the industry tries to navigate the economic uncertainty, Walmart is the latest company to announce that it will be cutting tech jobs. Layoff notices have been posted at the Atlanta branches of Google ( NASDAQ:GOOGL ), Microsoft (NASDAQ:MSFT), and Twitter, in addition to those posted by local technology businesses such as OneTrust. Microsoft also announced this month that it would pause operations at its massive Westside Atlanta campus, which had the capacity to employ up to 15,000 people.
What kind of future does Walmart’s Global Technology hub in Atlanta have?
A spokesperson for the company told the Atlanta Business Chronicle that despite the upcoming closures, Walmart’s tech hub in Atlanta will continue to ...
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