Walmart International declared a 65.3% plunge in operating income in its fiscal fourth quarter, mainly resulting from the disassociation of Indian entities Flipkart and PhonePe. In December, the Bengaluru-based e-commerce and fintech startup PhonePe announced that it was to become a standalone entity, while still being owned by Walmart, who would remain its largest shareholder. Both companies continue to operate under Walmart's ownership. In its earnings call for the three months ending January 31, the company declared that operating income had fallen from $800 million in the same period of the previous year to $300 million, due largely to "costs associated with separating Flipkart and PhonePe into separate entities." Walmart's stock prices dropped on the NYSE after forecasting a lower earning for the fiscal year and witnessing two years of diminishing profits; this highlights a challenging year ahead for the entire retail industry.