NEW YORK (TheStreet) -- Shares of Veeva Systems (VEEV) - Get Report were gaining in after-hours trading on Tuesday after the company reported better-than-expected earnings and revenue for the 2017 fiscal second quarter.
Following the closing bell, the Pleasanton, CA-based cloud software solutions company posted adjusted earnings of 15 cents per diluted share, which beat analysts' estimates of 13 cents per share.
Revenue jumped 34% year-over-year to $131.3 million, topping Wall Street's projections of $126.6 million.
"Veeva's powerful industry cloud model is enabling the company to post high growth and strong profitability while operating across multiple, large markets and rapidly expanding into new ones," CFO Tim Cabral said in a statement.
For the third quarter, Veeva expects earnings per share in the range of 15 cents to 16 cents on revenue of $134.5 million and $136 million. Analysts are looking for earnings of 14 cents per share on revenue of $133 million for the current period.
For the full year, the company now sees earnings per share between 60 cents and 61 cents per share on revenue of $525 million and $528 million. Previously, Veeva guided earnings per share between 55 cents and 57 cents on revenue of $516 million to $520 million, the Fly noted.
Analysts project earnings of 57 cents on revenue of $518.26 million for fiscal 2017.
About 3.29 million shares of Veeva traded today vs. its 30-day average of about 990,000 shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and disappointing return on equity.
You can view the full analysis from the report here: VEEV