On April 28, 2022, after market hours, Accolade released its 2022 4th quarter financial results. Accolade revealed that “a large customer notified us that they would be ending their service relationship with us after the end of calendar 2022.” Furthermore, Accolade reported steep losses, with a quarterly loss of $0.27 per share, missing consensus estimates. During the earnings call, Accolade CEO Rajeev Singh revealed that the ‘large customer’ was Comcast, one of Accolade’s largest and oldest customers.
On this news, Accolade’s stock price fell $5.50 per share, or over 49%, to close at $5.56 per share on April 29, 2022.
