NEW YORK - Veeva Systems Inc. (NYSE:VEEV) shares jumped 5.4% in after-hours trading Thursday after the cloud software provider for the life sciences industry reported third-quarter results that beat expectations and raised its full-year guidance.
The Pleasanton, California-based company posted adjusted earnings of $1.75 per share for the quarter ended October 31, surpassing the analyst consensus of $1.58. Revenue rose 13% year-over-year to $699.2 million, exceeding estimates of $684.34 million.
Subscription services revenue, a key metric for the company, grew 17% to $580.9 million compared to the same period last year.
"It was a great quarter of innovation and excellent execution across the board," said CEO Peter Gassner in a statement.
Looking ahead, Veeva forecast fourth-quarter adjusted earnings of $1.57 per share on revenue between $696 million and $699 million, both ahead of Wall Street projections. For the full fiscal year 2025, the company now expects adjusted earnings of $6.44 per share on revenue of $2.722 billion to $2.725 billion, also topping analyst estimates.
The upbeat outlook suggests continued strong demand for Veeva's cloud-based software solutions among pharmaceutical and biotech companies. The firm highlighted growing adoption of its Vault CRM platform, with over 30 customers now live on the system.
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