Walmart has had a tough year.
The grocery chain has reported a steep drop in sales, as consumers spend less.
And as stores have been shuttered, the chain’s share of the U.S. grocery market has fallen.
Walmart stock is down 5.8% this year.
And its shares have dropped by a combined 4% since Thanksgiving.
The supermarket chain, which has been struggling for years, has been forced to turn to acquisitions, including the acquisition of online retailing platform Instacart.
The stock is up about 8% this month.
(AP Photo/Richard Drew) Walmart also said it would sell off more than $1.2 billion of the company’s stake in online marketplace Snap.
The transaction is expected to close in the second quarter.
The company has been investing in its grocery business in an effort to get back into its retail stores and boost profitability.
In a statement, the company said it “strongly believes that Walmart will continue to benefit from the new Instacar space as it continues to grow its online and brick-and-mortar business.”
Last week, Walmart announced plans to cut 700 jobs.
Earlier this year, Walmart cut 1,000 jobs and announced plans for a $3 billion restructuring.
Walmart is also spending $600 million to renovate its headquarters in Bentonville, Ark., as it moves away from the old headquarters of the discount retailer.