Moderna Cuts Costs As Covid Vaccine Sales Decline; Shares Rise

Core Insights - Moderna reported a loss of 51 cents per share on $1.02 billion in third-quarter sales, which was better than analysts' expectations of a $2.12 loss per share and $880 million in sales [1][2] - The company's previous year earnings were 3 cents per share with $1.86 billion in sales, indicating a significant decline in performance year-over-year [1] - Moderna has narrowed its revenue outlook for the year to between $1.6 billion and $2 billion, which is $50 million lower than its previous forecast [2] Financial Performance - Moderna's stock surged 8.6% to $25.58 in premarket trading following the earnings report [2] - Analysts had projected a per-share loss of $9.61 and $1.89 billion in sales, indicating that the actual results exceeded expectations [2] Market Context - The stock market is experiencing mixed futures amid earnings reports, with Moderna being a notable mover [1] - The overall sentiment in the market may be influenced by Moderna's performance and guidance adjustments [2]