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Investing.com -- Veeva Systems Inc. (NYSE:VEEV) reported second-quarter earnings that exceeded analyst expectations, but shares tumbled 3.6% as investors appeared disappointed by the absence of a share buyback announcement.
The life sciences cloud software provider posted adjusted earnings per share of $1.99 for the quarter ended July 31, beating the analyst estimate of $1.90. Revenue came in at $789.1 million, surpassing the consensus estimate of $768.26 million and representing a 17% increase YoY.
"We delivered another strong quarter, with results for all metrics outperforming our guidance," said CFO Brian Van Wagener. "The business showed broad-based strength, reflecting our consistent execution and focus on customer success that will enable durable, long-term growth."
Subscription services revenue, which forms the core of Veeva’s business model, grew 17% YoY to $659.2 million. The company’s non-GAAP operating income increased 26% YoY to $352.6 million.
For the third quarter, Veeva forecasts revenue between $790 million and $793 million, above analyst expectations of $779.3 million. The company projects adjusted EPS of $1.94-$1.95, higher than the consensus estimate of $1.89.
Veeva also updated its full-year fiscal 2026 guidance, now expecting total revenue between $3,134 million and $3,140 million, with non-GAAP operating income of approximately $1,388 million.
The company highlighted several achievements during the quarter, including progress with its AI initiatives and significant milestones for its Vault CRM Suite. Veeva also announced a long-term global partnership with IQVIA, resolving all pending legal disputes between the companies.
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