CVS Earnings: CVS Plunges as Q1 Results Disappoint, Lowers Outlook - TipRanks.com

CVS Health Corp. experienced a significant drop in pre-market trading after reporting disappointing Q1 results and lowering its financial outlook for FY24. The company's adjusted earnings fell by 40.5% year-over-year to $1.31 per share, missing the expected $1.71. Revenue increased slightly by 3.7% to $88.4 billion, yet it did not meet the anticipated $89.3 billion.

Additionally, CVS revised its FY24 earnings forecast downward from $8.30 to $7 per share, citing increased medical costs. The company also adjusted its expected cash flow from operations from $12 billion to $10.5 billion. Despite the downturn, analysts maintain a Moderate Buy rating on CVS, with potential for future stock price recovery.