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Veeva’s (NYSE: VEEV) recently announced quarterly results continue to impress the market. Veeva is adding AI capabilities to several of its offerings as it continues to successfully migrate its customers over to Vault CRM.
Veeva’s Financials
Veeva’s second quarter revenues grew 13% to $699.2 million, ahead of the Street’s forecast of $684.4 million. Non-GAAP EPS of $1.75 was also better than the Street’s estimates of $1.58.By segment, Subscription services revenues grew 17% to $580.9 million. Professional and other services revenues reduced 3% to $118.4 million.For the current quarter, Veeva expects total revenues between $696-$699 million with an EPS of $1.57. The market was looking for revenues of $697.7 million and an EPS of $1.53. Veeva expects to end the year with revenues of $2.722-$2.725 billion and an EPS of $6.44. The market was looking for revenues of $2.71 billion and an EPS of $6.23.
Veeva’s CRM Growth
Veeva continues to progress on its CRM migration, and now has over 30 customers live on Vault CRM. There are additional seven migrations planned from Veeva CRM to Vault CRM that are expected to be completed by year end. The company also released the latest version of Vault CRM last month that now includes the full functionality of Veeva CRM. Additionally, Veeva is powering its offerings with AI capabilities.Recently, it announced three new AI innovations that will be built into its solutions and will be available later in 2025. Within Vault CRM, Veeva plans to launch CRM Bot and Voice Control. It also announced MLR Bot for Vault PromoMats.CRM Bot will embed the large language model of the user’s choice into Vault CRM to allow for a wide range of context-driven tasks to be automated. The solution will help add features such as pre-call planning, suggested actions, recommended content, and context-specific learning. Voice Control will leverage Apple Intelligence to bring the human voice as a user interface into Vault CRM to let users interact with CRM through spoken commands.Both the CRM Bot and Voice Control are planned for availability in late 2025 and will be included in Vault CRM for no additional charge. MLR Bot is targeted at promotional activities and will use a Veeva-hosted LLM to accelerate the review and approval process by checking quality and content of promotional materials.Veeva’s stock is currently trading at $245.99 with a market capitalization of $39.8 billion. It hit a 52-week high of $258.93 soon after result announcement. It has recovered from the 52-week low of $169.98 that it had fallen to in June.More By This Author:Cloud Stocks: Salesforce Cashes In On The Agentic AI Market
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