Veeva Systems posted higher profit and revenue in the second-quarter, as AI continues to provide a boost to its business.

The provider of cloud solutions for life sciences businesses on Wednesday posted a profit of $273.4 million, or $1.66 a share, compared with a profit of $200.3 million, or $1.19 a share, in the same quarter a year earlier.

Adjusted earnings were $2.35 a share. Analysts polled by FactSet expected $2.22 a share.

Revenue rose 18% to nearly $928 million, topping analyst estimates of $905.4 million.

Subscription revenue, which makes up the bulk of the company's top line, rose 16% to $766.8 million.

Chief Executive Peter Gassner said that artificial intelligence is helping to open up new opportunities for Veeva and the life sciences industry.

For the current quarter, Veeva expects revenue between $932 million and $935 million and adjusted per-share earnings between $2.33 and $2.34. Analysts project revenue of $918.1 million and adjusted earnings of $2.28 a share.

For the fiscal year, Veeva now forecasts revenue of between $3.68 billion and $3.69 billion, up from its prior projection of $3.64 billion to $3.65 billion. It now expects adjusted per-share earnings of about $9.21, up from $9.05 previously.

Veeva shares rose about 8% to $265.80 in late trading. Through Wednesday's close, the stock was up about 9.6% this year.