Doximity Shoots Up 21% On Share Buyback; Earnings Beat Expectations

Shares of Doximity, Inc. (DOCS), a digital platform for U.S. medical professionals, are rising more than 21% Friday morning after reporting better-than-expected second-quarter earnings and on the news of share buyback.

Additionally, the company’s Board authorized a share buyback of up to $70 million.

Profit for the second quarter was $26.3 million or $0.12 per share compared with $36.1 million or $0.17 per share a year ago.

Excluding one-time items, earnings were $36.2 million or $0.17 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.15 per share.

Revenue was $102.2 million, an increase of 29% year-over-year from $79.4 million.

Looking forward, the company expects revenue in the range of $110.7 million and $111.7 million for the third quarter. Analysts see revenue of $114.69 million for the quarter.

For the full year, revenue is expected between $424.0 million and $432.0 million. The consensus estimate stands at $426.37 million.

DOCS, currently at $32.02, has traded in the range of $22.91-$76.87 in the last 1 year.

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