Elevance Health's stock price surged 6.22% in the pre-market trading session on Thursday. The healthcare insurer's shares rose following the company's better-than-expected quarterly earnings report.
Elevance Health reported a fourth-quarter adjusted profit of $3.84 per share, exceeding Wall Street analysts' estimates of $3.80 per share. The company's earnings beat was driven by lower-than-anticipated medical costs for its members during the quarter.
Furthermore, Elevance Health's total revenue for the quarter reached $45.44 billion, surpassing analysts' expectations of $44.92 billion. The company's strong revenue growth was supported by increased demand for its healthcare services.
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