BENTONVILLE, Ark. (KNWA/KFTA) — Walmart reports strong earnings in its third quarter.

According to a release, revenue is up 8.7% and e-commerce is up 16%.

The Bentonville-based company has also announced a $20 billion share repurchase authorization.

President and CEO of Walmart Doug McMillon released a statement on the earnings saying “We significantly improved our inventory position in Q3, and we’ll continue to make progress as we end the year. We have an amazing group of associates that make all this happen, and I want to say ‘Thank you.'”