Why Cloud Software Company Veeva Systems Shares Are Down Premarket Friday
Portfolio Pulse from Lekha Gupta
Veeva Systems Inc (NYSE:VEEV) shares dropped premarket after reporting Q4 FY24 results. Despite beating revenue and EPS estimates, with a 12% Y/Y revenue increase to $630.6 million and adjusted EPS of $1.38, the company's Q1 and FY25 revenue outlooks were slightly below consensus expectations. The company highlighted its long-term growth initiatives, including the Veeva Compass Suite, Clinical Platform, and new Commercial Cloud.
March 01, 2024 | 1:45 pm
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Veeva Systems Inc reported Q4 FY24 results with higher-than-expected revenue and EPS but provided slightly lower future revenue outlooks. Shares fell 2.89% premarket.
Veeva Systems' premarket stock price drop is directly related to its future revenue outlooks being slightly below consensus expectations, despite beating Q4 FY24 revenue and EPS estimates. This indicates investor concern over the short-term revenue growth, impacting the stock negatively.
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IMPORTANCE 90
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