Why Doximity Stock Soared Today

Shares of Doximity (NYSE: DOCS) leaped 24% on Wednesday after the networking platform for medical professionals announced strong third-quarter growth metrics.  

Doximity's revenue surged 67% year over year to $97.9 million in its fiscal 2022 third quarter, which ended on Dec. 31.

Pharmaceutical companies and other healthcare providers are ramping up their advertising spend on Doximity's network. "We had a strong Q3 led by our existing clients as our net revenue retention rate hit 171%," CEO Jeff Tangney said in a press release. Essentially, that means Doximity's customers spent 71% more than they did in the prior-year period. 

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Source Fool.com