Shares of Doximity, Inc. (DOCS), an online networking service for medical professionals, surged by over 18% in pre-market trading on Friday, reaching $28.24, following the release of their improved quarterly results that exceeded analysts' expectations.
For the fourth quarter, Doximity reported a net income increase to $40.6 million, or $0.20 per share, compared to $30.7 million, or $0.14 per share, in the same period the previous year. When excluding one-time items, the earnings stood at $51 million, or $0.25 per share, surpassing the $0.20 per share average estimate by analysts surveyed by Thomson-Reuters.
Revenue for the quarter saw a 6% increase, rising to $118.1 million from $111 million in the prior year, with subscription revenue experiencing a 9% growth to $112.7 million.
On Thursday, Doximity shares closed at $23.74, a decline of 0.46%. Over the past year, the stock has ranged between $19.71 and $36.29.
