Why Accolade Stock Popped by Almost 7% Today
Healthcare benefits navigator Accolade's (NASDAQ: ACCD) stock won the best accolade possible on the market, with a big share price move upwards from happy investors. This followed the release of the company's latest set of quarterly earnings. At the end of trading on Friday, the stock was up by nearly 7%, trouncing the 1.2% bump of the S&P 500 index.
Accolade published the financial details of its first quarter of fiscal 2024, revealing that its revenue rose 9% year over year to hit $93.2 million. It booked a net loss, but this was considerably narrower on a comparative basis. It was $38.4 million ($0.52 per share), according to generally accepted accounting principles (GAAP) standards; in the year-ago period, the shortfall was nearly $343 million.
Both headline numbers were well above analyst projections. On average, pundits following the stock were expecting Accolade to post just under $90.3 million on the top line and a net loss of $0.62 per share.
Source Fool.com
