5 Earnings Reports Investors Must Read

3. Veeva Systems Inc. (NYSE: VEEV)

Number of Hedge Fund Holders: 44

Veeva Systems Inc. (NYSE: VEEV) shares fell more than 5 percent on Thursday despite beating expectations for its fiscal second quarter. The cloud-computing company reported adjusted earnings of 94 cents per share for the three months ended July 31, compared to 72 cents per share in the year-ago quarter.

Analysts, on average, were expecting Veeva Systems Inc. (NYSE: VEEV) to report earnings of 87 cents per share. Revenue for the quarter rose 29 percent on a year-over-year basis to $455.6 million, beating the consensus forecast of $452 million. Revenue from the subscription services increased to $366.4 million versus $283.5 million in the comparable period of 2020.

Speaking on the results, CEO Peter Gassner said in a statement:

“Thanks to the team and the trust of our customers, it was another great quarter. Rapid innovation is driving expansion in existing markets and significant early traction in newer areas like CDMS and safety as we start to realize the major potential of Veeva Development Cloud.”

Veeva Systems Inc. (NYSE: VEEV) also updated the financial outlook for its full fiscal year. It now expects adjusted earnings of $3.57 per share versus its earlier outlook of $3.49 per share. Moreover, revenue for the full year is now expected to come between $1.83 billion and $1.835 billion, compared to its previous guidance between $1.815 billion and $1.825 billion.