The Cigna (CI) Group Falls 10% as Earnings Disappoint

We recently published Massive Sell-Off: 10 Stocks in a Bloodbath. The Cigna Group (NYSE:CI) is one of the worst-performing stocks on Thursday.

The Cigna Group declined by 10.23 percent on Thursday to close at $267.38 apiece as investor sentiment was dampened by its flat earnings performance in the second quarter of the year.

In its updated report, The Cigna Group (NYSE:CI) said net income attributable to shareholders ended flat at $1.5 billion, despite total revenues increasing by 11 percent to $67.18 billion from $60.5 billion.

Higher revenues were driven by Evernorth Health Services and include growth of existing client relationships and strong specialty pharmacy growth.

In a statement, The Cigna Group (NYSE:CI) Chairman and CEO David Cordani said that the company’s performance in the second quarter reflects the disciplined execution and the strength of the group’s business mix.

Photo by martha-dominguez-de-gouveia on Unsplash

“Listening, adapting, and innovating to meet the evolving needs of our patients, customers, and clients enables us to deliver meaningful value,” he noted.