Why Doximity Stock Is Soaring After Hours

Doximity Inc DOCS shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results.

Doximity said fiscal second-quarter revenues climbed 29% year-over-year to $102.19 million, which beat average analyst estimates of $100.12 million, according to Benzinga Pro. The company reported quarterly earnings of 17 cents per share, which beat average analyst estimates of 15 cents per share. 

Doximity said its telehealth platform grew to 370,000 active clinicians during the second quarter. 

Doximity expects fiscal third-quarter revenue to be between $110.7 million and $111.7 million versus average analyst estimates of $114.88 million. The company reiterated that it expects full-year 2022 revenue to be in a range of $424 million to $432 million versus average analyst estimates of $426.36 million.

Doximity's board also authorized a buyback of up to $70 million of the company's common stock.

Doximity operates the leading digital platform for U.S. medical professionals.

See Also: 8 Analysts Have This to Say About Doximity

DOCS Price Action: Doximity has a 52-week high of $64.95 and a 52-week low of $22.91.

The stock was up 19.8% in after hours at $31.55 at time of publication.

Photo: courtesy of Doximity.