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SMB, which is roughly 40% of the total pharma
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2023 Q2
2 Sep 22
pharma represents about 90% of Veeva’s overall revenue with the balance being med tech and CPMC. And we think enterprise customers represent roughly 60% of our total pharma revenue and we define enterprise as the top 50 or so largest pharma companies.
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2023 Q2
2 Sep 22
if you unpack the reduction, about half of the reduction is related to FX as the dollar continued to strengthen over the last 90 days.
The other half relates to the overall macro dynamics.
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2023 Q2
2 Sep 22
if you take a look at the reduction, half of it is FX related
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2023 Q2
2 Sep 22
We have revised our full year revenue guidance down by about 1.5% at the top end from $2.175 billion to $2.145 billion due to foreign currency and macroeconomic factors.
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2023 Q2
2 Sep 22
the quarter started out a little bit more typical and then we started to see that later in the month of June.
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2023 Q2
2 Sep 22
we started to see some of the impact in the later part of June.
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2023 Q2
2 Sep 22
that was where we started to see a little bit of the headwinds from a lower spend in SMBs and a little bit of additional deal scrutiny.
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2023 Q2
2 Sep 22
we talked about lower spending in SMBs, and that’s more in the lower half of that SMB definition that I was describing before because that SMB space is a very wide space
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2023 Q2
2 Sep 22
We’ve factored in that there is some increased deal scrutiny and also some lower spend in SMBs.
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2023 Q2
2 Sep 22
we have also saw little bit of lower add-on users from SMB customers in the CRM and Vault Commercial
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2023 Q2
1 Sep 22
advertising budgets have tightened a bit.
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2023 Q2
1 Sep 22
as far as the lower spending in SMB, that is more pronounced on the lower end and on the commercial side.
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2023 Q2
1 Sep 22