Healthcare professional network Doximity (NYSE:DOCS) will be reporting results tomorrow after market hours. Here's what to look for.
Last quarter Doximity reported revenues of $108.5 million, up 19.7% year on year, beating analyst revenue expectations by 1.3%. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and underwhelming revenue guidance for the next quarter.
Is Doximity buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Doximity's revenue to grow 6.8% year on year to $109.1 million, slowing down from the 28.8% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.18 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 4.2%.
Looking at Doximity's peers in the vertical software segment, some of them have already reported Q2 earnings results, giving us a hint of what we can expect. Agilysys (NASDAQ:AGYS) delivered top-line growth of 22.8% year on year, beating analyst estimates by 3.1%, and Procore Technologies (NYSE:PCOR) reported revenues up 33% year on year, exceeding estimates by 6.1%. Agilysys traded up 21.7% on the results, Procore Technologies was down 6.1%.
Read the full analysis of Agilysys's and Procore Technologies's results on StockStory.
Technology stocks have been hit hard by fears of higher interest rates, and while some of the vertical software stocks have fared somewhat better, they have not been spared, with share price declining 3% over the last month. Doximity is down 4.1% during the same time, and is heading into the earnings with analyst price target of $25.7, compared to share price of $21.5.
The author has no position in any of the stocks mentioned.
