Veeva Systems (NYSE:VEEV) +2.7% on Q2 beats with 27% Y/Y revenue growth and $217.3M in subscription revenue, up 28%.
Q2 adjusted gross margin was 75.9% compared to the 74.5% estimate. Operating margin was 38.8% versus 35.5%.
Upside Q3 guidance has revenue of $274-275M (consensus: $268.35M) and EPS of $0.54-0.55 (consensus: $0.51).
The raised FY outlook sees revenue of $1.06-1.07B (was and consensus: $1.05B) and EPS of $2.11-2.13 (was: $2.01-2.03; consensus: $2.04).
CFO retirement: Tim Cabral will retire in 2020 after a decade with Veeva. The search for his replacement is underway, and Cabral will remain on through the hiring process for a smooth transition.
Earnings call starts at 4:30 PM with a webcast here.
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