VEEVA SYSTEMS Reports Q2 Earnings Results for FY2024 on August 30, 2023
September 2, 2023
🌥️Earnings Overview
VEEVA SYSTEMS ($NYSE:VEEV) reported its earnings results for FY2024 Q2 on August 30 2023, with the figures for July 31 2023. Its total revenue was USD 590.2 million, a rise of 10.5% from the same period in the preceding year. Moreover, the net income was USD 111.6 million, an upsurge of 23.2% from the corresponding quarter in the previous fiscal year.
Market Price
The stock opened at $192.9 and closed at $192.6, a decrease of 0.2% from its last closing price of $193.0 the prior day. Although VEEVA SYSTEMS stock saw a slight decrease, the company reported a strong set of results overall. VEEVA SYSTEMS CEO, Peter Gassner, expressed that they are pleased with their performance in Q2 and are confident in the future of their company. He stated that their focus on delivering innovative products and solutions to their customers is helping them build long-term relationships and drive solid results.
Overall, VEEVA SYSTEMS reported strong earnings in Q2 for FY2024 and is confident that their future looks bright. With their commitment to innovation and strong customer relationships, VEEVA SYSTEMS is well-positioned for continued success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Veeva Systems. More…
| Total Revenues | Net Income | Net Margin |
| 2.23k | 540.14 | 24.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Veeva Systems. More…
| Operations | Investing | Financing |
| 977.03 | -1.36k | -11.6 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Veeva Systems. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.23k | 1.08k | 25.92 |
Key Ratios Snapshot
Some of the financial key ratios for Veeva Systems are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.3% | 7.5% | 17.7% |
| FCF Margin | ROE | ROA |
| 43.8% | 6.1% | 4.7% |
Analysis
GoodWhale has conducted an analysis of the wellbeing of VEEVA SYSTEMS and we are pleased to report that the company is in a very strong financial position. Our Star Chart shows that VEEVA SYSTEMS is strong in the areas of asset, growth, and profitability, while relatively weak on dividends. In terms of cash flows and debt, VEEVA SYSTEMS has a high health score of 10/10, indicating that it is capable of paying off debt and funding future operations. Additionally, we have classified VEEVA SYSTEMS as a ‘gorilla’, which is a type of company that we have concluded achieves stable and high revenue or earnings growth due to its strong competitive advantage. Investors who are looking to invest in a company with a competitive advantage and strong growth potential may be interested in investing in VEEVA SYSTEMS. More…
Peers
The company’s competitors include ORHub Inc, Essence Information Technology Co Ltd, and Xybion Digital Inc.
– ORHub Inc ($OTCPK:ORHB)
CrowdStrike Holdings, Inc. is an American cybersecurity technology firm headquartered in Sunnyvale, California. It provides endpoint security, threat intelligence, and cyber attack response services. The company was founded in 2011 by George Kurtz and Dmitri Alperovitch.
– Essence Information Technology Co Ltd ($SHSE:688555)
Essence Information Technology Co Ltd is a Chinese company that provides information technology services. It has a market cap of 1.01B as of 2022 and a Return on Equity of -2.84%. The company offers services in areas such as cloud computing, big data, and artificial intelligence.
– Xybion Digital Inc ($TSXV:XYBN)
Xybion Digital Inc is a publicly traded company with a market capitalization of $157.07 million as of 2022. The company has a negative return on equity of 12.47% and is involved in the digital media industry. Xybion Digital Inc owns and operates a number of online properties, including social media, video, and email platforms. The company has a strong presence in the United States, Canada, and Europe.
Summary
Investing in VEEVA SYSTEMS is proving to be a smart decision for many investors. The company reported impressive Q2 earnings on August 30th, 2023, with total revenue of USD 590.2 million, representing a 10.5% rise from the same period in the previous year. Net income was also up to USD 111.6 million, a 23.2% increase from the same timeframe a year ago. This indicates that VEEVA SYSTEMS is continuing to grow and perform favorably, making it an attractive option for investors who are seeking reliable returns.
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