Waterdrop (NYSE: WDH) was down on an otherwise up Wednesday for stocks. The insurance provider released its latest set of quarterly results, and investors were none too pleased. They sent Waterdrop's stock to a more than 4.4% decline on the day.

Waterdrop's unaudited first-quarter figures show that the company earned just under 649 million yuan ($92 million), which was down notably from the more than 883 million yuan ($131 million) it booked in the first quarter of 2021.

This was, however, 7% higher than the preceding quarter, a development the company attributed to a "business strategy... adjusted from pursuing fast growth to enhancing quality development and profitability."

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Source Fool.com