Teladoc Health (NYSE:TDOC) stock is dropping on Wednesday after the virtual healthcare services company released its earnings report for the fourth quarter of 2023.
The reason for this drop is Teladoc Health reporting revenue of $660.53 million in its earnings report. That’s below the $671.09 million that Wall Street was expecting for the quarter. Even if it’s a 4% increase year-over-year from $637.71 million.
The company’s diluted earnings per share for the quarter came in at -17 cents. That’s better than the -24 cents per share that Wall Street was expecting. It’s also an improvement over the -$23.49 per share reported in the same period of the year prior.
Guidance Drags TDOC Stock Down
Not helping TDOC is its guidance for Q1 2024. The company expects diluted EPS to range from -55 cents to -45 cents alongside revenue between $630 million and $645 million. To put those in perspective, Wall Street is expecting diluted EPS of -43 cents alongside revenue of $672.87 million during the quarter.
Teladoc Health’s outlook for fiscal 2024 has diluted EPS ranging from -$1.10 to -80 cents with revenue between $2.635 billion and $2.735 billion. Analysts are expecting diluted EPS of -$1.23 and revenue of $2.77 billion for the year.
TDOC stock is down 21.4% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
