Why Veeva Systems Stock Popped Today
Shares of Veeva Systems (NYSE: VEEV) were up by 8.2% as of 12:36 p.m. ET Thursday after the provider of cloud solutions for the life sciences industry announced strong fiscal second-quarter 2024 results after the closing bell Wednesday.
For the period, which ended July 31, Veeva's revenue climbed 10% year over year to $590.2 million, and GAAP net income rose 23% to $111.6 million, or $0.68 per share. On an adjusted (non-GAAP) basis -- which excludes items like stock-based compensation -- Veeva's net income was $198 million, or $1.21 per share, up from $1.03 per share in the prior-year period. Analysts, on average, were expecting adjusted earnings of $1.15 per share on revenue of about $583 million.
Veeva's subscription services continued to supply the bulk of its top line, rising 10% year over year to $470.6 million, while professional services revenue rose 13.3% to $119.6 million.
Source Fool.com
