Walmart reports 28% growth in global advertising business, but retail media challengers abound

The news: Walmart's global advertising business expanded 28% in Q3, with Walmart Connect in the US growing by 26%, the company reported Tuesday. The results marked the second consecutive quarter that Walmart outpaced Amazon’s ad growth, fueled by a broadening number of advertisers, particularly from marketplace sellers.

• The international advertising segment surged 50%, driven largely by the performance of Flipkart.
• Overall, the company raised its full-year outlook after reporting better-than-expected Q3 sales and profits.