Why Cloud Software Company Veeva Systems Shares Are Down Premarket Friday

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Veeva Systems Inc (NYSE:VEEV) shares are trading lower after it reported fourth-quarter FY24 results.

Revenue rose 12% Y/Y to $630.6 million, beating the consensus of $621.1 million. Subscription services revenues stood at $521.5 million, up 13% Y/Y.

Adjusted operating income rose 14% YY to $239.1 million in the quarter. Adjusted EPS of $1.38, beating the consensus of $1.30.

As of January 31, 2024, cash …

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