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CVS stock plunges after earnings numbers one analyst 'did not even believe'

May 3, 2024
Yahoo Finance
Summary
CVS significantly disappointed Wall Street as it missed revenue forecasts and downgraded its financial outlook for 2024. The company reported first-quarter revenue of $88.4 billion, a 3.7% increase from the previous year but below the anticipated $89 billion. The miss was attributed to higher healthcare service utilization and ongoing Medicare reimbursement rate cuts. Subsequently, CVS adjusted its 2024 earnings expectations, foreseeing lower earnings per share and operational cash flow. The stock price plummeted over 13%, marking its lowest level since 2009. Amid these challenges, CVS plans to adjust the pricing and structure of its insurance plans for 2025 in response to further expected Medicare cuts and changes legislated by the Inflation Reduction Act.
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