Veeva Systems Inc (VEEV)

Veeva Systems Inc Stock (VEEV) dropped by 3.05% from $178.39 to $172.95 in the trading on Thursday December 07, 2023. The reasons why VEEV stock down today include:

• Increase in normalized billings: "Normalized billings were $429M, up 15% year over year. The underperformance compared to the guidance was primarily due to the negative impact of macroeconomic factors on the professional services business and a smaller-than expected FX tailwind. The macro environment remains challenging as the industry continues to navigate inflation, higher interest rates, global conflicts, and the Inflation Reduction Act.
• Soft Q4 revenue guidance: Mainly due to a lower-than-expected services outlook, Veeva had cut its total full year revenue guidance to $2.353 - $2.355B. Its prior revenue outlook was $2.365 - $2.37B. The consensus estimate is $2.36B. The company provided FQ4 revenue guidance of $620 - $622M, versus a consensus estimate of $622.48M.

Veeva Systems Inc Stock (VEEV) dropped by 14.18% from $194.13 to $166.60 in the trading on Thursday November 9, 2023. The reason why VEEV stock down today is due to revising guidance on macro headwinds. Veeva Systems indicated Q3 financials for fiscal 2024, roughly in line with prior expectations, and reduced its FY24 outlook by about $24M to reflect lower-than-expected service revenue in Q4. "The challenging macro environment continues amid concerns of a war in the Middle East, inflation, and increasing political uncertainty," CEO Peter Gassner said in an SEC filing.