Shares of Clover Health Corp (NASDAQ: CLOV) plummeted 11.95% in a single trading session on November 6th, 2024, as the company's third-quarter revenue miss overshadowed its better-than-expected earnings performance.
The healthcare technology company reported Q3 2024 revenue of $330.99 million, falling short of analysts' expectations of $346.28 million. While Clover Health beat earnings estimates by reporting a smaller-than-anticipated loss of $0.02 per share, compared to the consensus estimate of a $0.04 loss, investors appeared to focus more on the top-line miss.
The revenue shortfall raised concerns among investors about the company's ability to maintain its growth trajectory and meet future revenue targets. Despite the earnings beat, the market reacted negatively, with Clover Health's stock plunging in the aftermath of the earnings release.
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