CVS beats on earnings and revenue as the company slashes costs

CVS Health connected Wednesday reported second-quarter net and gross that bushed expectations, arsenic the institution slashes costs and lays disconnected thousands of employees.

CVS has implemented a cost-cutting programme arsenic it pushes deeper into healthcare services successful the aftermath of its $8 cardinal acquisition of Signify Health and its $10.6 cardinal acquisition of Oak Street Health.

Part of that effort calls for cutting 5,000 jobs, CNBC reported Tuesday.

Here's what CVS recorded for its second quarter compared with Wall Street's expectations, based connected a survey of analysts by Refinitiv:

The healthcare elephantine posted nett income of $1.91 cardinal for the quarter, oregon $1.48 per share, a 37% diminution from the aforesaid play successful 2022 erstwhile CVS reported nett income of $3.04 billion, oregon $2.29 per share. Excluding one-time items, CVS reported $2.21 per stock for the period.

The institution booked revenues of $88.9 cardinal for the quarter, a 10% summation compared to the year-ago period.

CVS maintained its full-year adjusted net guidance of $8.50 to $8.70 per share, aft slashing its projections by 20 cents past 4th owed to costs associated with its caller acquisitions.