Walmart (NYSE:WMT) shares dropped more than 7% intra-day today after the company announced its Q3 result. While results came in better than expected, the company remains cautious about the U.S. consumer's outlook as the critical holiday shopping season approaches.

Q3 EPS came in at $1.53, surpassing the Street estimate of $1.51. The company's revenue for the quarter was $160.8 billion, exceeding the expected consensus of $159.3 billion.

The retail giant now expects its full-year adjusted earnings per share to be in the range of $6.40 to $6.48, an increase from the previously projected range of $6.36 to $6.46. The updated forecast at the midpoint came in below the Street estimates, which anticipated a guidance of $6.48.