Walmart issued a weaker-than-expected financial outlook for the current and upcoming quarters, raising concerns about pressure on U.S. consumers amid higher fuel prices and economic uncertainty.

The company forecast earnings below Wall Street expectations, which sent its shares down about 8%, even though first-quarter revenue rose 7% and beat estimates.

Executives said consumers are feeling uneven financial pressure, with higher-income shoppers still spending strongly while lower-income customers are becoming more cautious.

Despite the cautious outlook, Walmart highlighted strong underlying performance, including growth in e-commerce, advertising, and market share gains, CNBC has reported.

The company said rising fuel costs and the end of tax refund boosts could further strain consumers in the months ahead.