American Well (NYSE: AMWL) , aka Amwell, didn't do well at the end of the week. The bitter pill is its fiscal third-quarter 2020 results, released after market hours on Thursday, which drove the stock down by 18% the following day.
Amwell reaped almost $62.55 million in revenue for the quarter, nearly double the Q3 2019 figure. This handily beat the average analyst estimate of $55.77 million. It was also on the back of a tenfold growth in the company's number of active providers (to around 62,000) and a jump in total patient visits to over 1.41 million from the year-ago quarter's roughly 255,000.
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Why Amwell Stock Plummeted by 18% Today