— Veeva Systems Inc. (NYSE: VEEV) reported its third-quarter 2020 adjusted earnings of $0.60 per share versus $0.54 per share expected.
— Total revenue jumped by 25% to $280.9 million versus $274.78 million expected. This was driven by a 27% growth in the subscription services revenue.
— The top line primarily comes from the fees from customers accessing cloud-based software solutions and subscription or license fees for data solutions.
— Looking ahead into the fourth quarter, the company expects revenues in the range of $296-299 million and adjusted earnings of $0.51-0.52 per share. The consensus estimates EPS of $0.52 on revenue of $279.86 million.
— For the full year 2020, the company lifted its revenue outlook to the range of $1.088 billion to $1.091 billion from the previous range of $1.062 billion to $1.065 billion. The consensus estimates revenue of $1.07 billion.
— The adjusted earnings guidance is raised to the range of $2.16 to $2.17 per share from the prior range of $2.11 to $2.13 per share. The analysts expect EPS of $2.12 for the full year.