05:30 AM EDT, 05/31/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Veeva Systems ( VEEV ) shares were down over 8% in premarket activity Friday after the company overnight reported a decline in its full-year revenue outlook.

The company reported fiscal Q1 non-GAAP net income Thursday of $1.50 per diluted share, up from $0.91 a year earlier.

Analysts polled by Capital IQ expected $1.42.

Revenue in the quarter ended April 30 rose to $650.3 million from $526.3 million a year earlier.

Analysts surveyed by Capital IQ expected $642 million.

The company expects fiscal Q2 non-GAAP EPS of $1.53 to $1.54 on revenue of $666 million to $669 million. Analysts polled by Capital IQ expect EPS of $1.52 on revenue of $675.3 million

For fiscal 2025, the company reiterated non-GAAP EPS guidance of $6.16 and lowered the revenue outlook to $2.7 billion to $2.71 billion from $2.73 billion to $2.74 billion. Analysts expect EPS of $6.15 on revenue of $2.73 billion.

Price: 177.77, Change: -16.42, Percent Change: -8.46