Walgreens stock rises as cost cuts make progress, even as profit outlook comes up short
Publishing timestamp: 2023-10-12 13:07:05
Summary
Walgreens reported fiscal fourth-quarter earnings that fell short of expectations due to declining demand for Covid vaccines and tests. The company has underperformed Wall Street's earnings expectations for two straight quarters. However, it reported progress in its cost-cutting program and sales growth in its health care business. The company expects lower earnings and revenue in the coming fiscal year, but also anticipates over $1 billion in savings from cost-cutting initiatives. Walgreens' stock rose more than 6% following the earnings report.
Sentiment: MIXED
Keywords: earnings, business, biotech and pharmaceuticals, walgreens boots alliance inc, business news, breaking news: earnings, united states, biotechnology, health care industry, pharmaceuticals, dividends, breaking news, cigna corp,
Source: https://www.cnbc.com/2023/10/12/walgreens-wba-earnings-q4-2023.html