PFE beat earnings estimates, but fell short on revenue
Pfizer Inc. (NYSE:PFE) is slipping in pre-market trading after announcing earnings that beat estimates on the bottom line, but missed on the revenue side. If you’re looking for growth, stay away from PFE stock. But if you’re looking to scoop up a dividend at a discount, Pfizer stock is for you.
Adjusted income was $4.19 billion, 69 cents per share, on revenue of $12.78 billion. This compared with net income of $4.17, 67 cents per share, and revenue of $13.01 billion during the same quarter a year ago.
Earnings beat analyst estimates by 2 cents per share, and even beat the “whisper number” of 68 cents. The revenue number, however, was well below the estimate of $13.05 billion, and even below last year’s figure.
As a result, PFE stock lost 35 cents per share, after dropping another 35 cents in trading on May 1. For those who buy stocks for capital appreciation, Pfizer once again proved a name to avoid.