Why Doximity Stock Dropped Today
Shares of Doximity (NYSE: DOCS) fell 10% on Wednesday after the digital networking platform for medical professionals delivered an earnings report on Tuesday, and forecast a revenue range for its current fiscal quarter that was below Wall Street's expectations.
In its fiscal 2022 fourth quarter, which ended on March 31, Doximity's revenue jumped 40% year over year to $93.7 million. The fledgling social media network is proving popular with doctors and nurses, and healthcare companies are shifting more of their ad budgets to it.
"We're proud to now serve over 2 million U.S. healthcare professionals, including over 80% of U.S. physicians and over 50% of physician assistants and nurse practitioners," CEO Jeff Tangney said in the earnings press release.
Source Fool.com
