5 Stocks in Focus After Releasing Their Earnings Reports

2. Veeva Systems Inc. (NYSE:VEEV)

Number of Hedge Fund Holders: 41

Shares of Veeva Systems Inc. (NYSE:VEEV) turned green in the after-hours trading session on Wednesday, June 1, 2022, following an upbeat financial performance for its fiscal first quarter.

Veeva Systems Inc. (NYSE:VEEV) reported adjusted earnings of 99 cents per share, up from 91 cents per share in the year-ago period. Revenue for the quarter jumped 16 percent versus last year to $505.1 million. The results surpassed the consensus of 92 cents per share for earnings and $495.93 million for revenue.

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Looking forward, Veeva Systems Inc. (NYSE:VEEV) guided for adjusted earnings in the range of $1.00 – $1.01 per share ad revenue between $529 – $531 million for its fiscal second quarter.

Discussing the results, CFO Brent Bowman said:

“We are starting the year with a strong first quarter and have crossed the $2 billion revenue run rate mark. Our multiple engines of long-term growth and innovation will continue to fuel strong expansion and customer success well into the future.”