Shares of Teladoc plunged more than 45% Thursday after the telehealth giant reported disappointing first-quarter results.
The company reported earnings in Q1 that missed on both the top and bottom line. Teladoc’s revenues grew 25% year over year to $565.4 million, below the $568.9 million that analysts were expecting. Earnings per share came in at a loss of $41.58, well below the loss of 62 cents expected, largely due to a write-down of assets related to its acquisition of Livongo in 2020. The company’s sizable net loss included a noncash goodwill impairment charge of $6.6 billion, or a loss of $41.11 per share.
