Elevance Health (ELV) Nosedives 12% on Disappointing Q2

We recently published These 10 Stocks Just Lost Their Spark. Elevance Health, Inc. (NYSE:ELV) is one of the worst-performing companies on Thursday.

Elevance Health dropped its share prices by 12.22 percent on Thursday to close at $302.45 apiece following dismal earnings performance in the second quarter of the year.

In its earnings release, Elevance Health, Inc. (NYSE:ELV) said net income during the period dropped by 24.2 percent to $1.744 billion from $2.301 billion in the same period last year, pushing its six-month net earnings lower by 13.7 percent to $3.928 billion from $4.55 billion year-on-year.

Revenues for the second quarter, however, increased by 13.4 percent to $49.776 billion from $43.886 billion year-on-year, while revenues for the first half of the year grew by 14.1 percent to $98.667 billion from $86.463 billion year-on-year.

Looking ahead, Elevance Health, Inc. (NYSE:ELV) also lowered its guidance amid elevated medical cost trends in Obamacare and slower rate alignment in Medicaid.

A medical professional working at a computer, utilizing the company’s digital solutions to improve care quality for consumers.

Given the industry-wide impact of elevated cost trends, the company said it now expects 2025 GAAP net income per diluted share to be approximately $24.10 and adjusted net income per diluted share to be approximately $30.

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Disclosure: None. This article is originally published at Insider Monkey.