By Sam Boughedda
Investing.com -- Shares of Doximity Inc (NYSE:DOCS), the online networking service for medical professionals, have plunged 25% in extended trading after the company posted earnings after the close.
The company beat profit and revenue expectations, posting adjusted earnings per share of $0.21 on revenue of $93.7 million. Revenue grew 0% year-over-year.
"We're proud to now serve over 2 million US healthcare professionals, including over 80% of US physicians and over 50% of Physician Assistants and Nurse Practitioners," said Jeff Tangney, co-founder and CEO of Doximity. "This quarter, we added scheduling to our product suite with the acquisition of Amion, and saw record use of our fax, e-signature, and telehealth tools."
Doximity also authorized a new stock repurchase program to acquire up to $70 million of its Class A common stock, beginning in the first quarter of fiscal 2023.
Despite the earnings and revenue beat, Doximity's stock plunged as it missed guidance expectations. The company sees fiscal first-quarter revenue between $88.6 million and $89.6 million, missing the $96.78 million consensus.
However, it raised its fiscal year 2023 revenue expectation to between $454 million and $458 million.