Why Teladoc Health Stock Crashed Again in 2024
Shares of Teladoc Health (NYSE: TDOC) fell 61.6% in 2024, according to data from S&P Global Market Intelligence. The steep price drop continued a negative trend that started with a 54% price cut in 2021 and a 74% plunge in 2022.
Teladoc's revenue soared in 2020 and 2021 as online doctor's appointments made perfect sense in the coronavirus pandemic's lockdown phase. But the company's growth slowed dramatically after that temporary surge, and the latest earnings report showed a 4.6% year-over-year revenue drop.
Business is particularly slow in the BetterHelp division. In the recently published third-quarter report, this segment's mental health services saw revenue fall 10% year over year. The number of paying BetterHelp users dropped even faster, at an annual rate of 13%. That wasn't a fluke, either -- BetterHelp's poor results in this report were similar to Teladoc's results in the first half of 2024.
Source Fool.com
