Shares of Veeva Systems Inc. fell 6% in Wednesday morning trade after the cloud-computing company reported strong results for its fiscal third quarter but delivered an initial outlook for its next fiscal year that was merely in line with expectations. Veeva, which posted earnings results Tuesday evening, said on its earnings conference call that it projected revenue of roughly $805 million and adjusted operating margins of 30% for the fiscal year ending in January 2019. The figures were approximately what analysts had been expecting. Analysts from William Blair and Needham dubbed the initial outlook “conservative.” The company reported revenue of $176 million for its fiscal third quarter, ahead of the FactSet consensus of $172 million. Earnings per share of $0.25, after adjusting for stock-based compensation and other expenses, beat expectations for $0.22. Veeva shares have gained 33% so far in 2017, compared with a 17% rise for the S&P 500 .
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