Why Babylon Stock Is Skyrocketing Today

Shares of Babylon Holdings (NYSE: BBLN) had skyrocketed by 15.2% as of 11:38 a.m. ET Thursday. The big gain came after the digital healthcare company announced its first-quarter results before the market open.

Babylon's Q1 revenue of $266 million was more than 3.5 times higher than its top-line result in the prior-year period. It also blew past the analysts' consensus estimate of $234.6 million. The company posted a loss of $95.1 million, or $0.24 per share. But the analysts' average estimate had been for a loss of $0.26 per share.

It's not surprising that Babylon's shares soared considering its Q1 outperformance. However, the even better news in the update was management's improved outlook for 2022.

Source Fool.com