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Health insurer Centene reports first loss in 13 years, shares drop 10% amid rising costs.
Centene, a major health insurer, reported its first quarterly loss in 13 years, with shares dropping over 10% in premarket trading.
The loss was due to higher medical costs and lower-than-expected government payments, particularly under the Affordable Care Act.
The company's adjusted loss per share was $0.16, far below analysts' expected profit of $0.55.
Despite a 22.4% year-over-year revenue increase to $48.74 billion, Centene cited rising costs in Medicaid and behavioral health as key factors in its financial performance.
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La aseguradora de salud Centene reporta su primera pérdida en 13 años, las acciones caen un 10% en medio de costos crecientes.