2024-04-26 18:20:55 ET
Like other companies that flew high during the thick of the coronavirus pandemic, Teladoc Health (NYSE: TDOC) has lost significant altitude since then. It'll probably stay at modest levels after releasing its first-quarter financials after market hours Thursday.
In reaction the following day, investors traded out of the stock to the point where it closed more than 2% lower in price. This was in marked contrast to the S&P 500 index's 1% rise.
Starting out on a positive note, Teladoc managed to grow its revenue by 3% on a year-over-year basis to $646 million for the period. Notably less encouraging was its performance on the bottom line, where according to generally accepted accounting principles ( GAAP ), its loss deepened. This came in at almost $82 million, a deeper shortfall than the $69 million ($0.49 per share) loss of first quarter 2023.
For further details see:
Why Teladoc Health Stock Dived on Friday