Despite the $872 million hit from it took in the first quarter as a result of the cyberattack, UnitedHealth Group trounced first-quarter expectations. UnitedHealth reported $99.8 billion in revenue during the first quarter of 2024, and a per-share profit of $6.91 — surpassing the $99.2 billion in revenue and $6.61 per share forecast by analysts on FactSet.
"We got through that very well in terms of remediation and building back to (full) function," Witty said.
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The stock price is up because of all the cuts to workforce that happened today.
What’s really affecting stock? The hack is expected to be pennies on the dollar.
“As a result of its strong performance in the first quarter, UnitedHealth maintained its full-year adjusted EPS outlook of $27.50 to $28.00.”
Stories get spun to support a narrative which feeds the 1% interests. One story for shareholders and another for employees.
Everything that is effecting the stock will be used to justify layoffs, reduced merits and bonuses for 2025. So yes, CMS reimbursements cuts, medical utilization increase post-covid, cyberattack, and general margin squeezes.
And they're still going to do layoffs tomorrow because shareholders don't want to stop going out for coffee instead of making it at home.
Next Feb will be more of the same to cover the 6 Billion they lost on the Cyber Attack. Welcome to 2 years, 2% (total) raise.
In case you’re wondering, yes our Senior leaders will receive generous compensation. The 1% does not apply to them.
After the Quarterly report results and the 11th THANK YOU - I thought of my 1% raise and hung up on that Fireside Chat. Someone is NOT SHARING.
They beat the analysts prediction even with the hack. 99.8 billion in revenue. Why the squeeze?
All the money they didn't give us for merit/RRP covered off on this. They planned to use that merit/RRP money to make up for the Meidcare cuts so now they'll need to bend us over again.
That’s because they plan to make up the difference with RIFs