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Netflix and Veeva Systems Perform Well in 2023
Both Netflix (NASDAQ: NFLX) and Veeva Systems (NYSE: VEEV) have outperformed broader equities in 2023. Netflix’s third-quarter results fell short of expectations due to an unexpected tax expense, resulting in a net income decline. The company executed a 10-for-1 stock split, reflecting management’s confidence in future growth, particularly with the release of the final season of Stranger Things and live NFL games planned for Christmas Day.
Veeva Systems reported a 16% year-over-year revenue increase to $811.2 million for the third quarter ending October 31, 2023. Its adjusted earnings per share rose to $2.04 from $1.75 in the previous year. Despite a drop in shares after guidance suggested lower growth than expected, Veeva still targets a revenue run rate of $6 billion by 2030, supported by a $20 billion total addressable market and upcoming products like Veeva AI for life science companies.
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