Shares of Veeva Systems rose to their highest in nearly three years after the cloud-based software company posted higher-than-expected quarterly earnings, prompting it to raise its full-year outlook.
The stock was up 10% at $255 in midday trading Friday. Shares have gained 33% since the beginning of the year.
The Pleasanton, Calif., company, which focuses on life-sciences customers, after the bell Thursday reported a third-quarter profit of $185.8 million, or $1.13 a share, compared with $135.2 million, or 83 cents a share, a year earlier.
Adjusted per-share earnings were $1.75, beating the $1.58 expected by analysts polled by FactSet.
Revenue rose 13% to $699.2 million, ahead of the $684.4 million that analysts were looking for.
For its fiscal fourth quarter, ending Jan. 31, Veeva guided for adjusted earnings of about $1.57 a share on revenue between $696 million and $699 million. Analysts were projecting adjusted earnings of $1.53 a share on revenue of $697.5 million.
For the full fiscal year, the company now expects revenue between $2.72 billion and $2.73 billion, up from between $2.7 billion and $2.71 billion. It increased its adjusted per-share earnings guidance to about $6.44 from about $6.22. Analysts had been looking for revenue of $2.71 billion, as well as adjusted earnings of $6.24 a share.