Hims & Hers Health stock declined 3% before trimming losses on Tuesday after the telehealth company reported a second-quarter loss of $0.37 per share, swinging from a profit of $0.17 a share a year earlier. Gross margins fell to 64% from 76%, impacted by a one-time cost of $81 million that included expenses from the acquisition of Australian digital health company Eucalyptus, restructuring tied to a shift in weight-loss strategy, and legal reserves for litigation with the Federal Trade Commission. The FTC filed a lawsuit against the company on July 29, alleging it shared private health data with advertisers Meta and Snap and made subscription cancellations difficult, a claim Hims & Hers has rejected and vowed to fight. Year to date, the stock is down more than 4%.
Meta Platforms Inc.
Snap IncHims Hers Health IncReported Q2 loss of $0.37/share vs year-ago profit, with margins down and one-time costs.
