Shares of Veeva Systems (NYSE: VEEV) were rallying on Thursday, up 9% as of 12:44 p.m. ET.

The cloud-based software company reported strong earnings last night that exceeded analysts' estimates, along with strong bottom-line guidance for the coming quarter.

Veeva stock had not been a technology highflier this year, and was up just 3.5% on the year coming into the report. The stock was also down 42% from its 2021 all-time high when software stocks were bid up to extremely high valuations.

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Source Fool.com