Walgreens stock slumps as pandemic profits fall flat

Walgreens Boots Alliance lowered its earnings guidance for the full year due to lower consumer spending and a drop in demand for Covid vaccines and testing.
Walgreens quarterly profits fell to $118 million, less than half of what they were a year ago due to significantly lower demand for COVID-related services like vaccines and tests that have been big money makers.
Walgreens reported lower-than-expected Q3 earnings of $118 million or 14 cents per share with revenue of $35.42 billion that exceeded estimates but profits fell well short of forecasts.
Walgreens will implement cost-cutting to maintain growth and improve operations as consumer and macroeconomic challenges mount..
Walgreens raised $600 million from cost cutting but lowered its full-year earnings guidance.