Veeva Systems Inc (NYSE:VEEV) jumped in afterhours trading on Thursday after it released a surge in profit for the second quarter, thanks to higher subscription revenues, by means of both earnings and revenue exceeding Wall Street analysts anticipates. Moving forward, the firm reported a strong third quarter views and lifted its full year outlook.
The firm reported that its second-quarter profit rose to $9.5M or $0.07 per share, from $1.3 million or $0.03 a share previous year. Adjusted earnings for the quarter rose to $0.09 a share from $0.06 per share previous year. The seven on average analysts polled by Thomson Reuters predicted earnings of $0.07 a share for the quarter. Analysts’ anticipates typically exclude special items.
CEO of firm, Peter Gassner stated that firm’s commitment to the customer provides them with a considerable strategic advantage and it is fueling their growth. He added that with a foundation of customer success as well as innovative solutions that deliver quantifiable impact and significant time to value, they are well positioned for the tremendous industry cloud prospect that lies ahead.
On the other hand, CFO Tim Cabral said that their financial results were outstanding this quarter and they’re expecting continued momentum in the business. Consequently, they are surging their annual revenues outlook by more than $20M and antic pats to cross the $300M mark in total revenues this fiscal year.