Walgreens Boots Alliance (NASDAQ:WBA) shares dropped around 8% pre-market today after the company reported its Q3 earnings, with EPS of $1.00 coming in worse than the Street estimate of $1.08. Revenue was $35.4 billion, compared to the Street estimate of $34.24 billion.

The company cut its full 2023-year outlook, expecting EPS in the range of $4.00-$4.05 (from $4.45-$4.65), compared to the Street estimate of $4.46.

CEO Rosalind Brewer explained that the quarter was marked by margin pressures due to a notable decrease in demand for COVID-related services, a consumer base that is more cautious and focused on value, and a recent decline in respiratory season activity.