Veeva Systems' (NYSE: VEEV) stock price plunged 16% on March 3 after the life science cloud services provider posted its fiscal 2022 fourth-quarter earnings report.

Veeva's revenue rose 22% year over year to $485.5 million, beating analysts' estimates by $5.1 million. Within that total, its subscription services revenue increased 23% to $395.7 million.

On a generally accepted accounting principles (GAAP) basis, Veeva's net income declined 6% to $97.1 million. But on a non-GAAP basis, its net income increased 17% to $147 million, or $0.90 per share, which exceeded analysts' expectations by two cents.

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Source Fool.com