Veeva cuts FY2024 revenue guidance by $15M and FY2025 by $50M; Q3 prelim revenue $616M

VEEVA SYSTEMS INC

2024-Q3 EPS reported $2.32 revenue$1,733,055,000

Q3 preliminary: revenue $616M, subscription $495M, services $121M; operating income $125M, non-GAAP OI $232M.
FY2024 revenue guidance lowered to $2.355B (down $15M); non-GAAP OI raised to $827M (up $7M).
FY2025 revenue guidance cut to at least $2.75B from $2.8B; non-GAAP OI target unchanged at $1B.
CEO cites macro headwinds from Middle East conflict, inflation, political uncertainty impacting biotech spending.
Subscription revenue outlook unchanged for FY2024 and FY2025; services weakness drives reductions.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VEEVA SYSTEMS INC reported FQ3 2024 (three months ended October 31, 2023) results: revenue Total revenue of $616 million, net income Operating income of $125 million. Guidance initiated.

Period: FQ3 2024 (three months ended October 31, 2023)
Revenue: Total revenue of $616 million
Net income: Operating income of $125 million
Guidance: initiated
Result: guidance update

Exact text from the filing

During the Investor Day presentation, the Company intends to provide the following update to its expected results for the fiscal third quarter ended October 31, 2023: • Total revenue of $616 million. • Subscription revenue of $495 million. • Services revenue of $121 million. • Operating income of $125 million and non-GAAP operating income of $232 million

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Source: SEC EDGAR

accession 0001393052-23-000057

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