Alignment Healthcare, Inc. (NASDAQ:ALHC) shares plunged over 5% in after-hours trading on Tuesday, despite the company reporting better-than-expected Q3 2024 revenue. The Medicare Advantage insurer reported a loss of $0.14 per share, which met analyst expectations, while revenue of $692.43 million surpassed the consensus estimate of $662.10 million.

The company's Q3 revenue grew 51.61% year-over-year, driven by strong growth in its Medicare Advantage business. However, investors seemed to have expected even stronger results, leading to the after-hours sell-off.

For the fourth quarter, Alignment Healthcare provided revenue guidance in the range of $663 million to $678 million, which may have fallen short of market expectations. The company also raised its full-year revenue guidance to a range of $2.67 billion to $2.68 billion.