Boston Scientific Earnings: Here’s Why Investors are Bidding Shares Higher
Boston Scientific Corporation (NYSE:BSX) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. The company also announced it will trim up to 1,000 jobs in a restructuring effort this year. Shares are up 5.36%.
Boston Scientific Corporation Earnings Cheat Sheet
Results: Net income decreased -43.93% to $60 million (4 cents per diluted share) in the quarter versus a net gain of $107 million in the year-earlier quarter.
Revenue: Decreased 1.46% to $1.82 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Boston Scientific Corporation reported adjusted net income of 11 cents per share. By that measure, the company met the mean analyst estimate of $0.11. It beat the average revenue estimate of $1.76 billion.
Quoting Management: “We are pleased but not satisfied with our improved performance in the quarter,” said Mike Mahoney, President and CEO, Boston Scientific…