Doximity CEO Says AI Is Unlocking A Bigger Market Than Expected

Doximity Inc. (NYSE: DOCS ) stock surged Friday after the digital healthcare company reported fiscal first-quarter results that topped revenue expectations and raised its full-year sales outlook, driven by strong adoption of its AI products. The rally was likely amplified by a short squeeze, with over 16% of the public float sold short. During the earnings call, CEO Jeff Tangney said Doximity’s artificial intelligence strategy is opening larger commercial opportunities than the company initially expected. He said AI Search is helping the company engage with senior executives at pharmaceutical companies and expanding its total addressable market in healthcare. Tangney added that AI is “up-leveling our business across the board” and said the market opportunity unlocked by AI “has been a real surprise and upside for us.” Revenue increased 7% year over year t...