Shares of Hims & Hers Health Inc. (NYSE: HIMS) tumbled 5.06% in after-hours trading on Monday, despite the company reporting better-than-expected first-quarter results. The sell-off appears to be driven by disappointing revenue guidance for the second quarter and a long-term outlook that fell short of analyst expectations.

The telehealth platform reported Q1 revenue of $586 million, a 111% increase year-over-year and significantly above the consensus estimate of $538.2 million. Earnings per share came in at $0.20, also beating analyst expectations of $0.12. The company's subscriber base grew to 2.4 million, up 38% compared to the same period last year.

However, Hims & Hers provided second-quarter revenue guidance of $530 million to $550 million, falling short of the $564.56 million analysts were expecting. Additionally, the company introduced long-term targets for 2030, projecting revenue of at least $6.5 billion, which was below the consensus estimate of $7.8 billion.

The after-hours decline comes amid a rapidly changing landscape for weight-loss drugs, which have been a significant driver of Hims & Hers' recent growth. The company recently announced a partnership with Novo Nordisk to sell Wegovy in the U.S., but it has also had to discontinue offering compounded semaglutide due to regulatory changes. As the market digests this mixed bag of strong current performance and cautious future outlook, investors will be closely watching for further updates to assess the sustainability of Hims & Hers' growth trajectory in an evolving telehealth and weight-loss medication landscape.