veeva-systems-third-quarter-earnings-top-expectations

Veeva Systems Third-Quarter Earnings Top Expectations

Business

Veeva Systems (VEEV) reported third-quarter results late Tuesday that were above Wall Street estimates. Veeva stock fell.

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The company reported adjusted earnings of 78 cents per share on revenue of $377.5 million. Wall Street expected EPS of 68 cents on revenue of $361.9 million, according to FactSet. Results were for its fiscal third quarter ended Oct. 31. Revenue climbed 34% from the year-ago period.

Veeva stock fell 2.5%, near 277.96, during after-hours trading on the stock market today.

For its fiscal fourth quarter, Veeva estimates revenue in the range of $378 million and $380 million. The consensus is for $367.6 million. The company expects adjusted earnings in the range of 67 cents to 68 cents, vs. estimates of 62 cents.

Veeva Stock Gains From Covid Players

Veeva has emerged as one of the leading coronavirus stocks to watch. The cloud-based life sciences software leader is working with several pharma and biotech companies leading the development of coronavirus vaccines and treatments.

In the battle against Covid-19, Veeva counts several drugmakers as clients, including Moderna (MRNA) AstraZeneca (AZN) and RedHill Biopharma (RDHL). This has been a big reason for Veeva stock gains.

Veeva stock is on the IBD 50 list and has earned a spot on the watchlist for IBD Long-Term Leaders.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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