Why Community Health Systems Stock Is Soaring Today

Shares of Community Health Systems (NYSE: CYH) -- a company that operates acute care facilities -- are skyrocketing on Wednesday and are up by 33.4% as of 1:09 p.m. EDT. Investors are bidding up shares of the healthcare company following the release of its third-quarter earnings report after the market closed on Tuesday.

The pandemic has severely impacted Community Health Systems' business. Despite the headwinds, though, the company managed to beat estimates during its third quarter ending Sept. 30. The company's revenue was $3.1 billion during the quarter, slightly less than the $3.2 billion it recorded during the year-ago period.

On average, analysts expected its top line to come in at $2.9 billion. Also, the company's net income for the quarter was $112 million -- or $0.97 on a per-share basis -- compared to the net loss of $17 million and the net loss per share of $0.15 it reported during the third quarter of its fiscal year 2019.

Source Fool.com