Why Teladoc Health Stock Dived on Friday
Like other companies that flew high during the thick of the coronavirus pandemic, Teladoc Health (NYSE: TDOC) has lost significant altitude since then. It'll probably stay at modest levels after releasing its first-quarter financials after market hours Thursday.
In reaction the following day, investors traded out of the stock to the point where it closed more than 2% lower in price. This was in marked contrast to the S&P 500 index's 1% rise.
Starting out on a positive note, Teladoc managed to grow its revenue by 3% on a year-over-year basis to $646 million for the period. Notably less encouraging was its performance on the bottom line, where according to generally accepted accounting principles (GAAP), its loss deepened. This came in at almost $82 million, a deeper shortfall than the $69 million ($0.49 per share) loss of first quarter 2023.
Source Fool.com
