Why Veeva Systems (VEEV) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of Veeva Systems  (VEEV)  are soaring, up 16.55% to $29.07 in midday trading after the company reported its fiscal second quarter results on Thursday of non-GAAP earnings of 9 cents per diluted share, higher than the 7 cents per share analysts expected.

Non-GAAP revenue for the quarter was up 69% to $12.4 million from $7.3 million in the same quarter of 2013.

Veeva reported revenue of $75.7 million for the second quarter, up 53% from one year ago, and beating analysts' estimate of $69.3 million.

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For its fiscal second quarter, Veeva focused more on its cloud-based online detailing platform and gained momentum in its  content management program, Veeva Vault.

The company raised its full year guidance on total revenue to a range of $300 million to $303 million, from its prior guidance of $277 million to $282 million.

VEEV Chart VEEV data by YCharts

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