Shares of Community Health Systems (CYH) plunged over 5% in pre-market trading on Wednesday after the hospital operator reported a wider loss for the third quarter and weak revenue growth.
The company reported an adjusted loss of $0.30 per share for the quarter ended September 30, larger than the $0.33 loss in the same period last year. Revenue rose a mere 0.1% year-over-year to $3.09 billion, narrowly beating Wall Street's expectations of $3.08 billion.
Community Health Systems' disappointing results missed analysts' estimates and appear to have sparked the pre-market sell-off. In a report following the earnings release, Truist Financial analyst David S. Macdonald maintained a Hold rating on the stock, likely reflecting concerns over the company's performance.
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