Despite surpassing analyst expectations for its Q1 results, Doximity’s (NYSE:DOCS) revised guidance downwards led to a more than 22% decline in its shares intra-day today.

For the first fiscal quarter, Doximity reported a profit of 19 cents per share, which came in above the expected 14 cents. The company’s revenue grew by 20% year-over-year to $108.5 million, which exceeded the Street estimate of $107 million.

However, for the upcoming quarter, the company’s revenue guidance stands at $109 million, falling short of the anticipated $121.3 million. Additionally, for 2024, Doximity has reduced its revenue outlook from the initial $503 million to now $460 million.

In another significant move, the company disclosed its intention to trim its current workforce, with plans to lay off around 100 employees, representing roughly 10% of its total workforce.

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