Cigna's second-quarter 2024 earnings report revealed mixed results. While the company reported a revenue increase, the earnings per share (EPS) did not meet analysts' expectations. Additionally, there were concerns about rising operating expenses and lower profit margins.
If Cordani wants to move the needle on the sluggish stock value, his best bet is a substantial cut to operating expenses.
Predictions of a big upcoming layoff are probably correct.
Impact on employees will be layoffs and sh---y bonuses and merit increases for those that are left.
I visited the NYC office on an anchor day. 3 floors 1 block from Grand Central Station and it was deserted. Such a waste.
In regards to the two previous posts referencing the real estate footprint. There was a Manhattan sky scraper that previously sold for $332 Million in 2006. It was sold this week at a 97.5% discount for $8.5 Million. US Commercial real estate in downtown areas is currently a disaster.
Where could they possibly cut from?
I wish I had some cookies next to my keyboard but I don’t have enough cache to buy them. Ha a little IT punny.
This place is a fu--ing circus.
Stock price down 6.9% at one point today, finished the day down 4.61%. No Bueno.
This seems to paint a brighter outlook:
https://finance.yahoo.com/news/cigna-ci-q2-earnings-revenues-111006764.html
I guess the tax incentives of having workers in the office outweigh the real estate costs?
Also, they’re probably stuck with their real estate due to dropping commercial real estate values.
Wouldn't real estate constitute a (quite large) operating expense? Yet they've just doubled down on that footprint for no real reason. Karma.
Cigna has a history of setting unrealistic goals and poor leadership. Then they pat themselves on the back and tell us how great we are while quietly laying us off.
Huge drop in the stock this morning, more than 5% at opening
Cigna- cutting our way to growth!!