AMN Healthcare Services Inc (AMN) suffered a pre-market plunge of 6.84% on November 8, 2024, despite reporting better-than-expected third-quarter earnings and revenue. The healthcare staffing and workforce solutions provider reported adjusted earnings per share of $0.61, surpassing the consensus estimate of $0.58. However, revenue fell 19.4% year-over-year to $687.51 million, although it exceeded analysts' expectations of $670.08 million.

While AMN Healthcare beat Wall Street's earnings and revenue forecasts, the steep year-over-year revenue decline appears to have raised concerns among investors, overshadowing the earnings beat. The revenue drop could be attributed to various factors, such as a potential slowdown in demand for healthcare staffing services, increased competition, or changes in industry dynamics.

Despite the better-than-expected Q3 results, AMN Healthcare's stock has underperformed the market, losing about 45% since the beginning of the year compared to the S&P 500's gain of 24.3%. The company's Zacks Rank of #4 (Sell) also indicates that it could underperform the broader market in the near term.