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Kenvue Stock Rises 4.7% on Earnings Beat, Plans 4% Workforce Cut

May 7, 2024, 12:24 PM

Kenvue, a consumer health company known for products like Tylenol and Band-Aid, reported a strong performance in the first quarter, surpassing Wall Street estimates. The company announced a 4.7% increase in stock value following the earnings report that exceeded expectations with a Non-GAAP EPS of $0.28, beating by $0.03, and revenue of $3.9 billion, which was $110 million above forecasts. Concurrently, Kenvue disclosed plans to cut 4% of its global workforce as part of an efficiency initiative aimed at enhancing competitiveness.