Walmart is facing its biggest loss in its history.
On Friday, the company announced that it has been hit by a $4.5 billion tax audit that has left the company with a deficit of more than $8 billion.
The company has announced that its revenue and profit fell to $7.3 billion for the third quarter of 2016 from $10.3 to $10 billion for all of last year.
It has lost $6 billion in the last year alone.
Analysts said that the $4 billion tax loss is more than the $5 billion loss Walmart was expecting.
“I don’t know if it’s really a loss or not, but it’s a big blow,” said Suman Kumar, senior analyst at SBI Research.
Walmart’s loss was made worse by the fact that the audit was triggered by a series of tax returns that were filed by a group of individuals. “
The biggest bet that the company could make is to sell off its core stores.”
Walmart’s loss was made worse by the fact that the audit was triggered by a series of tax returns that were filed by a group of individuals.
The group of people filed tax returns claiming they owed $9.8 billion in taxes, but the company claimed the group of workers owed only $5.8 million.
The auditors have filed a lawsuit in a New York court, arguing that the tax returns were fraudulent.
In a statement, Walmart said the tax audit was the result of a number of improper deductions and refunds that occurred over a long period of time.
“The company fully expects to be reimbursed for the $7 billion loss,” the company said.