Why Veeva Systems Stock Is Sinking Today
Shares of Veeva Systems (NYSE: VEEV) were sinking 16.9% as of 10:53 a.m. ET on Thursday. The decline came after the company announced its 2021 fourth-quarter and full-year results following the market close on Wednesday.
Veeva reported Q4 revenue of $485.5 million, up 22% year over year. It posted adjusted earnings per share of $0.90, a 15% increase. Both top- and bottom-line results topped consensus Wall Street estimates.
So why did the life sciences stock tumble? Veeva provided a disappointing outlook for the first quarter. The company projects Q1 revenue will be between $494 million and $496 million. The average analysts' estimate looked for Q1 revenue of $526 million. Veeva forecast adjusted earnings per share of between $0.91 and $0.92 in the first quarter. This fell well short of the consensus estimate of $0.98.
Source Fool.com
