Busy Medicare Advantage businesses have CVS Health and other insurance providers spooked about the new year.

The health care giant said Wednesday that it was scaling back already cautious expectations for 2024 as it tries to understand why costs keep rising from the privately run version of the government’s Medicare program.

Medicare Advantage plans cover people who are age 65 and older and others with severe disabilities or illnesses. CVS Health has about 3.5 million people in that business through its Aetna arm.

Health insurers started warning last year about higher-than-expected costs in their Medicare Advantage plans. CVS Health said Wednesday those costs were coming from outpatient care like hip and knee surgeries and supplemental benefits such as dental and vision coverage.

Uber posts first annual profit as public stock

Uber posted its first full-year profit since going public in 2019 and its stock hit an all-time high Wednesday as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations.

Like its final year as a private company, the last time Uber turned a profit, it got a huge tailwind from investments that helped fuel profits, $1 billion in 2023. The difference is that Uber has started making money from operations.

“2023 was an inflection point for Uber,” said CEO Dara Khosrowshahi said in prepared remarks.

Uber and other ride-share companies struggled through the COVID-19 pandemic. But Uber has focused on cutting costs and, during the pandemic, building up a then-nascent food-delivery division, which has since become a major revenue driver.

Delivery revenue grew 6%, and revenue for the ride-share part of the business climbed 34%.