Veeva Systems Inc.’s profit declined in the fourth quarter even as its revenue jumped.
The Pleasanton, Calif.-based healthcare software and services company posted net income of $97.1 million in the three months through January, compared with $102.9 million in the year earlier period. Earnings per share reached 60 cents, from 64 cents a year earlier.
reported revenue of $485.5 million, up from $396.8 million in the fourth quarter of 2020. Revenue from subscription services rose to $395.7 million from $322.8 million and revenue from professional services reached $89.8 million from $74 million.
The company reported net other losses of $239,000 in the quarter, after reporting net other income of $6.4 million a year earlier.
The net income undershot the consensus compiled by FactSet for profit of $144.3 million while the revenue figure beat the consensus for sales of $480.3 million. In the third quarter, the company issued guidance for total fourth-quarter revenue in a range from $478 million to $480 million.
For the first quarter of 2022, Veeva said it expects to have revenue in a range from $494 million to $496 million. The company raised its guidance for full-year 2022 revenue to a range from $2.16 billion to $2.17 billion from the previous guidance of revenue in a range from $2.15 billion to $2.17 billion.
Shares fell 10% in after-hours trading following the release of the results.
Write to Jeffrey T. Lewis at email@example.com