Elevance Health's Q3 Earnings: Profit Falls Short Of Expectations On Higher Medical Costs, Issues Soft Annual Outlook
Portfolio Pulse from Vandana Singh
Elevance Health reported Q3 revenues of $44.7 billion, surpassing expectations, but profits fell short due to higher medical costs. The company issued a soft annual outlook, with adjusted EPS guidance lowered to $33.00 from $37.20. ELV stock dropped 12.3% in premarket trading.
October 17, 2024 | 12:36 pm
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Elevance Health's Q3 earnings report showed revenue growth but a decline in profits due to higher medical costs. The company lowered its annual EPS guidance, leading to a 12.3% drop in premarket stock price.
The earnings report revealed a significant miss in profit expectations and a lowered annual EPS guidance, which are critical factors for investors. The immediate market reaction was a 12.3% drop in premarket trading, indicating a negative short-term impact on the stock price.
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