Doximity tumbles on gloomy revenue outlook

Doximity

09/08/2023 10:02

** Shares of telehealth company Doximity Inc  DOCS.N  fall
25.2% to $24.53 in premarket trading
    ** Co sees Q2 revenue between $108.5 mln and $109.5 mln;
below market estimates of $118.1 mln- Refinitiv 
    ** Co expects FY24 revenue in the range of $452 mln and $468
mln; also missing Wall Street view of $489.4 mln
    ** Co to reduce current workforce by about 100, representing
10% of its workforce and expects restructuring charges between
$8 mln - 10 mln
    ** Doximity says Q1 revenue up 20% year-over-year to $108.5
mln
    ** Quarterly net income at $28.4 mln or 13 cents/ share,
compared with $22.4 mln or 10 cents/ share a year earlier
    ** 8 of 17 brokerages rate stock "buy" or higher, 6 "hold"
and 3 "sell"; median PT is $37
    ** Up to Tuesday's close, stock up 2.3% YTD

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))