Veeva Systems Inc. shares edged down 7.9% to $176.22 in after-hours trading Thursday after the company issued fourth-quarter guidance below analysts’ expectations.
The cloud computing company for biotech companies guided for revenue between $551 million to $553 million and adjusted earnings of $1.05 a share for the fiscal fourth quarter ending Jan. 31, 2023.
Veeva also forecast revenue between $2.14 billion to $2.15 billion and adjusted earnings of $4.19 a share for the fiscal year ending Jan. 31, 2023.
Analysts polled by FactSet expected $556.9 million in revenue and adjusted earnings of $1.07 a share for the fourth quarter as well as $2.14 billion in revenue and adjusted earnings of $4.15 a share for fiscal 2023.