Sam Boughedda

Investing.com — Shares Doximity Inc (NYSE:), an online network service for doctors, plunged 25% after posting earnings. 

The company beat profit and revenue expectations, posting adjusted earnings per share of $0.21 on revenue of $93.7 million. The revenue grew by 0% over the previous year.

Jeff Tangney, founder and CEO of Doximity, said that Doximity now serves over 2,000,000 US healthcare professionals. This includes over 80% US physicians, over 50% Physician Assistants and Nurse Practitioners. We added scheduling to the product suite through Amion’s acquisition, as well as record-breaking use of our fax and eSignature tools.

Doximity authorized another stock purchase program that could acquire as much as $70 million in Class A common stock. This will be implemented during the first quarter fiscal 2023.

Doximity shares plunged despite beating earnings and revenue expectations. Fiscal first quarter revenue is expected to be between $88.6 and $89.6 millions, which falls short of the consensus $96.78 million.

The company increased its FY 2023 revenue forecast to $454million and $458million.