Johnson & Johnson (NYSE:JNJ) stock is on the move Tuesday as investors react to the company’s earnings report for the first quarter of 2022.
Starting with the basics, Johnson & Johnson reported adjusted earnings per share of $2.67. That’s better than the $2.61 per share that Wall Street was expecting. It’s also a 3.1% jump from the $2.59 reported during the same time last year.
When it comes to revenue, Johnson & Johnson reported $23.43 billion. That’s below the $23.67 billion that analysts were looking for during the quarter. Even so, it’s still a 5% increase over the $22.32 billion reported in the fourth quarter of 2021.
It’s also worth noting that Johnson & Johnson didn’t provide a Covid-19 Vaccine sales guidance in its most recent earnings report. That’s the first time it’s left out that guidance since the pandemic kicked off. The reasons given are “global supply surplus and demand uncertainty.” JNJ promises that this will have “no impact to adjusted operational earnings per share guidance.”
To go along with all of this, Johnson & Johnson also lowered its 2022 outlook in its current earnings report. This has it expecting adjusted EPS between $10.15 and $10.35 on revenue of $97.3 billion to $98.3 billion for the year. For comparison, Wall Street is estimating an adjusted EPS of $10.52 on revenue of $99.48 billion for the period.
Following that earnings report, JNJ stock is rising 2% higher as of Tuesday morning. However, the shares were initially trading lower during pre-market hours this morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.