By Denny Jacob

Veeva Methods Inc. shares fell 16%, to $166.99, after the corporate issued third-quarter-revenue steering under analysts’ expectations and lowered its income outlook for the yr.

The cloud options supplier guided for fiscal 2023 income between $2.14 billion to $2.15 billion in contrast its prior forecast of income between $2.17 billion to $2.18 billion. The corporate additionally guided for adjusted earnings per share of $4.17, up barely from its prior forecast of $4.16 in adjusted earnings a share.
Veeva additionally guided for third quarter income between $545 million and $547 million and adjusted earnings between $1.07 to $1.08 a share. Analysts polled by FactSet had anticipated $558.three million in income and $1.08 in adjusted earnings a share previous to the steering.
The steering comes after the corporate posted decrease revenue and income above analysts’ expectations within the newest quarter. Veeva posted web earnings of $90.6 million, or 56 cents a share, for the second quarter ended July 31, in contrast with web earnings of $108.9 million, or 67 cents a share, a yr earlier. Adjusted earnings had been $1.03 a share, barely above analysts’ expectations of $1.01.
Income rose to $534.2 million from $455.6 million. Analysts polled by FactSet anticipated $530.6 million.
On Thursday, quite a few corporations lower their worth targets. UBS lower its goal to $185 a share from $220 and Piper Sandler lower its goal to $245 a share from $275, amongst others.
Write to Denny Jacob at denny.jacob@wsj.com