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UnitedHealth Posts $99.8B Revenue, Beats Estimates Despite Cyberattack

Apr 16, 2024, 10:08 AM

UnitedHealth Group reported its first-quarter earnings, revealing a significant impact from a cyberattack on its Change Healthcare unit. The attack, which occurred in February, led to disruptions in technology systems managing prescription and medical claims. Despite these challenges, UnitedHealth's earnings surpassed Wall Street expectations. The company recorded a $872 million hit to its profit due to the cyberattack, yet managed to beat revenue estimates with a total of $99.8 billion, slightly above the expected $99.3 billion. Adjusted earnings per share were $6.91, including a 25 cent impact from the cyberattack, not accounting for the $6 billion in advanced payments and loans made to providers. Additionally, UnitedHealth experienced EBIT acceleration via its Optum unit and its shares recovered from bear market levels.