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UnitedHealth’s Q1 revenue increases 8% to $99.8B

Bruno T
Latest News
April 16 2024 9:58AM

UnitedHealth Group Inc. (NYSE:UNH) reported an 8% increase in revenue for the first quarter of 2024, reaching $99.8 billion and exceeding market expectations. However, the company faced a significant financial setback, recording a net loss of $1.2 billion. This contrasts sharply with the net earnings of $5.7 billion reported in the same quarter the previous year.

The diluted loss per share for this quarter was $1.53, a stark decline from the earnings per share (EPS) of $5.95 recorded last year.

The company has subsequently adjusted its financial outlook for the year. The projected range for full-year net earnings has been revised downwards to between $17.60 and $18.20 per share. However, the outlook for adjusted net earnings remains stable at between $27.50 and $28 per share.

A significant factor impacting this quarter’s financials was a cyberattack in February, which had a per-share impact of $0.74. CEO Andrew Witty commented on the situation, emphasizing the resilience of the company’s operations. “The core story at UnitedHealth Group remains our colleagues delivering improved experiences for the people we serve and driving balanced growth even while swiftly and effectively addressing the attack on Change Healthcare,” he said.

Despite the challenging quarter, investor reaction was positive, with UnitedHealth Group shares rising by 4.92% to $445.63 in premarket trading following the announcement of the results. This suggests confidence in the company’s long-term strategy and its ability to manage current challenges.