Veeva Systems Q2 Beat And Raise Not Good Enough

Veeva Systems Inc (NYSE: VEEV) shares are trading lower by $8.00 (12 percent) at $56.59 in Friday's session.

With the stock within striking distance of its all-time high ($68.07), there were high expectation for the company ahead of its latest earnings report. So much so, that an adjusted Q2 EPS beat of 3 cents along with a sales beat of $2.4 million along with raised FY 2017 EPS and sales guidance, has the stock deep in the red.

After a much lower open, Veeva spiked down to $55.01, then sprinted to $59.80 and tailed off once again. The current low comes in between its May 9 ($54.72) and May 10 lows ($55.09).