Stock Alert: Veeva Systems Drops 6%

Shares of cloud solutions provider for the life sciences industry Veeva Systems Inc. (VEEV) are down more than 6% Wednesday morning despite reporting better-than-expected third quarter results.

Third quarter net income was $97.0 million or $0.60 per share, compared to $82.2 million or $0.52 per share a year ago.

Earnings on adjusted basis were $0.78 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.68 per share.

Revenue for the quarter rose 34% Year-over-year to $377.5 million.

For the fourth quarter, Veeva expects revenues between $378 and $380 million and adjusted EPS between between $0.67 and $0.68. Analysts project earnings of $0.62 per share on revenue of $367.64 million.

for the full-year, the company sees revenues between $1.446 billion and $1.448 billion and EPS to be in the range of $2.83- $2.84. The consensus estimate for revenue is at $1.42 billion and for EPS is at $2.68 per share.

VEEV, currently at $265.20, has been trading in the range of $118.11- $313.99 in the last one year.

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