Why Did Veeva Systems Stock Fall 15% in December?
Veeva Systems (NYSE: VEEV) dropped 15.2% last month following its quarterly earnings report. While the financial results were mostly positive, the company's outlook disappointed Wall Street. The stock was also impacted by broader market weakness among tech and growth stocks.
Veeva Systems narrowly beat analyst estimates for its third-quarter revenue and adjusted earnings per share. The company reported 16% revenue growth, with balanced expansion coming from both subscriptions and professional services. It produced nearly $150 million in free cash flow during the quarter. Veeva also announced an expanded partnership with Merck (NYSE: MRK) and that it had reached a critical new milestone in the rollout of its new drug safety product.
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Source Fool.com
