Why Johnson & Johnson Stock Was Stagnant Today
A pre-market rally in Johnson & Johnson (NYSE: JNJ) stock Tuesday fizzled by the end of the trading session, with the shares ultimately trading flat across the day. The company published its latest set of quarterly results, and the performance of the stock clearly showed investors weren't all that impressed.
For its fourth quarter of 2022, Johnson & Johnson's total sales dropped in excess of 4% year over year to $23.7 billion. Management attributed this to unfavorable foreign exchange rates and a notable drop in COVID-19 vaccine sales. In contrast, non-GAAP (adjusted) net income shot nearly 10% higher to slightly over $6.2 billion, or $2.35 per share.
Those two headline results meant a mixed quarter for Johnson & Johnson. On average, analysts tracking the stock were estimating it would earn more -- $23.9 billion, to be exact, the top line. Yet they were collectively anticipating per-share, adjusted net income of only $2.24.
Source Fool.com
