Is Veeva Systems Stock a Buy Now?
Shares of Veeva Systems (NYSE: VEEV) tumbled 11% during after-hours trading on Aug. 31 following the release of its second-quarter earnings report. The cloud-based software company's revenue rose 17% year over year to $534.2 million, which beat analysts' estimates by $3.5 million. Its adjusted net income rose 9% to $166.2 million, or $1.03 per share, which also topped the consensus forecast by $0.02.
Those headline numbers look solid, but Veeva now expects its revenue to rise just 16% for the full year, compared to its prior forecast for 17% to 18% growth. That guidance cut clearly spooked the bulls, but was Veeva's post-earnings plunge justified?
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Source Fool.com
