Shares of Clover Health Corp (NASDAQ: CLOV) took a nosedive on November 8th, plummeting 9.4% as investors reacted to the healthcare technology company's disappointing third-quarter earnings report. The stock's sharp decline was primarily driven by concerns over the company's revenue shortfall and dwindling cash reserves.

For the third quarter, Clover Health reported revenue of $330.99 million, falling short of analysts' consensus estimate of $346.28 million. While the company managed to beat earnings expectations by reporting a smaller-than-anticipated loss, the revenue miss overshadowed the positive earnings surprise and sparked concerns about the company's growth prospects.

Further exacerbating investor concerns, Clover Health's cash position declined by a significant 20.9% compared to the end of the third quarter of 2023. The dwindling cash reserves raised questions about the company's financial health and capacity to fund future growth initiatives, prompting a wave of selling pressure and contributing to the stock's sharp decline.