Changes in US stocks | Q3 adjusted earnings per share fell below expectations Elevance Health (ELV.US) fell more than 18%

The Zhitong Finance App learned that on Thursday, Elevance Health (ELV.US) opened sharply lower than 18%, setting a new low. As of press release, it had fallen 13.68% to 429 US dollars. According to the news, financial reports show that the company reported net profit for the third quarter ending September 30 of US$1.01 billion, or US$4.36 per share, down from US$1.3 billion, or US$5.45 per share, in the same period last year. Adjusted earnings of $8.37 fell short of analysts' expectations of $9.66 per share. This quarter's revenue increased by 1.8 billion US dollars over the same period last year to reach 13.8 billion US dollars. This is based on factors such as the growth capacity of CareLon services and the increase in sales revenue of CareLonRX products. Elevance said medical membership was reduced by 1.5 million, or about 45.8 million, due to staff reductions due to reeligibility and adjustments in the scope of operations in some Medicaid states.

Elevance Health achieved revenue that exceeded expectations in the latest quarter, but pointed to challenges related to Medicaid, including lower healthcare membership numbers and timing issues that could impact its 2024 results.