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Why Doximity Stock Skyrocketed Today

TheMotleyFool

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Shares of Doximity (NYSE: DOCS) climbed more than 32% on Friday after the digital platform for medical professionals reported impressive revenue growth and announced a new stock buyback program.

Doximity is enjoying rising demand for its professional networking, medical news, and productivity services. Revenue jumped 29% year over year to $102.2 million in its fiscal 2023 second quarter, which ended on Sept. 30.

Doximity's telehealth and marketing solutions were notable sources of growth. Over 370,000 clinicians now use its video conferencing platform. Pharmaceutical companies and other healthcare providers, meanwhile, are seeing strong returns on their advertising investments.

Source Fool.com

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