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Why Doximity Stock Soared 49% in August

TheMotleyFool

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Doximity (NYSE: DOCS) shareholders trounced a rallying market last month. The stock rose 48% in August compared to 3% spike in the S&P 500, according to data provided by S&P Global Market Intelligence. The rally was sparked by a blockbuster earnings report from the healthcare tech platform.

Doximity said on August 10 that sales had doubled in fiscal Q1, its first as a public company. Revenue landed at $73 million as more physicians turned to its platform to handle higher caseloads.

The company achieved robust market share gains, too, with roughly 30% of all U.S. physicians using its paid telehealth services. "The shift to digital among our clients continues," CEO Jeff Tangney said in a press release.

Source Fool.com

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