Why American Well Corporation Stock Soared Today

Shares of American Well (NYSE: AMWL), also known as Amwell, are up 20.7% as of 2 p.m. ET Thursday after the telemedicine company announced better-than-expected fourth-quarter 2023 results.

American Well's fourth quarter didn't look great at first glance. Revenue declined 10.8% year over year to $70.7 million, translating to a net loss of $48.6 million, or $0.17 per share. But most analysts were modeling a significantly wider net loss of $0.20 per share on revenue closer to $70.3 million.

Amwell's top line included subscription revenue of $27.3 million and Amwell Medical Group (AMG) visit revenue of $32.1 million. Total active providers were 103,000 at year-end, while Total visits arrived at 1.6 million.

Source Fool.com