NEW YORK (TheStreet) -- Shares of Veeva Systems (VEEV) - Get Report are gaining by 9.02% to $32.45 in mid-morning trading on Friday, after the technology services company reported better than expected results for the fiscal 2017 first quarter.
The company reported a year over year rise in its non-GAAP net income for the most recent quarter to 15 cents per share vs. 12 cents per share.
Analysts had been expecting earnings of 11 cents per share for the three month period ended April 30.
Veeva saw an increase in total revenue of 33% year over year to $119.8 million, compared to $89.9 million for the fiscal 2016 first quarter. Analysts were looking for revenue of $115 million.
"We had another exceptional quarter, posting results ahead of guidance and delivering high growth and profitability," Veeva Systems CFO Tim Cabral stated.
Veeva Systems is a Pleasanton, CA-based provider of cloud-based software solutions for the global life sciences industry.
Separately, TheStreet Ratings has set a "hold" rating and a score of C- on Veeva Systems stock. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
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 impressive record of earnings per share growth. However, as a counter to these strengths, TheStreet Ratings finds that the company's return on equity has been disappointing.
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.
You can view the full analysis from the report here: VEEV