Shares of Veeva Systems Inc.
rose more than 2% in the extended session Tuesday after the cloud-computing company reported fiscal second-quarter profit and sales above Wall Street expectations. Veeva said it earned $79.2 million, or 50 cents a share, in the quarter, compared with $50.3 million, or 32 cents a share, in the year-ago period. Adjusted for one-time items, Veeva earned $87.7 million, or 55 cents a share, compared with $61.5 million, or 39 cents a share, a year ago. Revenue rose 27% to $267 million, up from $210 million a year ago. Analysts polled by FactSet had expected Veeva to earn an adjusted profit of 49 cents a share on sales of $259 million. Veeva guided for full-year fiscal 2020 revenue between $1.062 billion and $1.065 billion, and adjusted EPS between $2.11 and $2.13. In the same press release, the company said Chief Financial Officer Tim Cabral is to retire next year after a decade with the company. A search for his replacement is underway, Veeva said, and Cabral will stay through the hiring and onboarding of the new CFO. Veeva shares had ended the regular trading day up 0.5%.
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