UPDATE: WellPoint Reports Q2 Net Profit of $701.6M, Lifts 2011 Outlook

WellPoint Inc WLP reported a 2.9% drop in its second-quarter net profit and lifted its forecast for 2011. WellPoint's quarterly net profit declined to $701.6 million, or $1.89 per share, from $722.4 million, or $1.71 per share, in the year-earlier period. Excluding net investment gains of $0.06 per share, WellPoint's earnings came in at $1.83 per share. Its revenue climbed 4.6% y/y to $15.1 billion from $14.43 billion. Analysts were expecting a net profit of $672.1 million on revenue of $14.87 billion. WellPoint shares gained 0.39% to $73.85 in after-hours trading.