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On May 16, 2023 Doximity announced it was revising downwards its guidance for 2023. Management cited a major reason for this guidance reduction was softer-than-anticipated sales for upgrades to Doximity’s products. Consequently, analysts called into question the credibility of Doximity’s management because of management’s repeated guidance revisions over multiple quarters.
Following this news, DOCS’ stock price fell by $9.15 per share, or approximately 27% to close at $25.30 per share.