Earnings results often give us a good indication of what direction the company will take in the months ahead. With Q2 now behind us, let’s have a look at Veeva Systems (NYSE:VEEV) and its peers.

Software is eating the world, and while a large number of solutions such as project management or video conferencing software can be useful to a wide array of industries, there are industries that have very specific needs. Whether it is life-sciences, education or banking, the demand for so called vertical software, addressing industry specific workflows, is growing, fueled by the pressures on improving productivity and quality of offerings.

The 17 vertical software stocks we track reported a slower Q2; on average, revenues beat analyst consensus estimates by 1.45%, while on average next quarter revenue guidance was 2.63% under consensus. Tech stocks have been hit the hardest as investors start to value profits over growth and vertical software stocks have not been spared, with share prices down 11.6% since the previous earnings results, on average.

Veeva Systems (NYSE:VEEV)

Built on top of Salesforce as one of the first vertical-focused cloud platforms, Veeva (NYSE:VEEV) provides data and customer relationship management (CRM) software for organizations in the life sciences industry.

Veeva Systems reported revenues of $590.2 million, up 10.5% year on year, beating analyst expectations by 1.39%. It was a mixed quarter for the company, with a significant improvement in its gross margin but underwhelming revenue guidance for the next quarter, although non-GAAP operating profit guidance exceeded expectations. Full year guidance was also slightly raised and is a bit ahead of Wall Street analysts' estimates.

"We had a great quarter with progress across the board that was particularly significant in CRM and clinical," said CEO Peter Gassner.

The stock is up 8.81% since the results and currently trades at $209.55.

Is now the time to buy Veeva Systems? Access our full analysis of the earnings results here, it's free.

Best Q2: Toast (NYSE:TOST)

Founded by three MIT engineers at a local Cambridge bar, Toast (NYSE:TOST) provides integrated point of sale (POS) hardware, software, and payments solutions for restaurants.

Toast reported revenues of $978 million, up 44.9% year on year, beating analyst expectations by 3.51%. It was a milestone beat-and-raise quarter for Toast as it won a deal with Marriott, exceeded $1 billion in ARR, and reached adjusted EBITDA profitability and positive free cash flow for the first time since the IPO. On top of that, the company raised its revenue and adjusted EBITDA guidance for the full year, topping analysts' expectations.

The stock is up 0.94% since the results and currently trades at $20.4.

Is now the time to buy Toast? Access our full analysis of the earnings results here, it's free.

Weakest Q2: Matterport (NASDAQ:MTTR)

Founded in 2011 before any mass market VR headset was released, Matterport (NASDAQ:MTTR) provides the hardware and software necessary to turn real world spaces into 3D visualization.

Matterport reported revenues of $39.6 million, up 38.9% year on year, in line with analyst expectations. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations. Next quarter's revenue guidance also missed Wall Street's expectations, although adjusted EPS guidance was slightly above.

The stock is down 28.3% since the results and currently trades at $2.26.

Read our full analysis of Matterport's results here.

Cadence (NASDAQ:CDNS)

With the name chosen to reflect the idea of a repeating pattern or rhythm in electronic design, Cadence Design Systems (NASDAQ:CDNS) offers a software-as-a-service platform for semiconductor engineering and design.

Cadence reported revenues of $976.6 million, up 13.9% year on year, in line with analyst expectations. It was a weaker quarter for the company, with underwhelming revenue and non-GAAP EPS guidance for the next quarter.

The stock is down 1.49% since the results and currently trades at $237.5.

Read our full, actionable report on Cadence here, it's free.

Autodesk (NASDAQ:ADSK)

Founded in 1982 by John Walker and growing into one of the industry's behemoths, Autodesk (NASDAQ:ADSK) makes computer-aided design (CAD) software for engineering, construction, and architecture companies.

Autodesk reported revenues of $1.35 billion, up 8.73% year on year, beating analyst expectations by 1.86%. It was a decent quarter for the company, with revenue and EPS surpassing Wall Street's expectations.

The stock is up 3.72% since the results and currently trades at $211.98.

Read our full, actionable report on Autodesk here, it's free.

The author has no position in any of the stocks mentioned