{"id":76853,"date":"2023-10-25T22:30:05","date_gmt":"2023-10-26T02:30:05","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/servicenows-stock-jumps-5-on-strong-subscription-sales\/"},"modified":"2023-10-25T22:30:10","modified_gmt":"2023-10-26T02:30:10","slug":"servicenows-stock-jumps-5-on-strong-subscription-sales","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76853","title":{"rendered":"ServiceNow\u2019s stock jumps 5% on strong subscription sales"},"content":{"rendered":"
\n

ServiceNow Inc.\u2019s stock leaped 5% in extended trading Wednesday after the company reported a quarterly bounce in revenue on strong subscription sales.<\/p>\n

\u201cIt\u2019s incredible. Innovation is the well-spring of growth: We have introduced 5,000 new innovations this year,\u201d ServiceNow Chief Executive Bill McDermott said in an interview Wednesday. \u201cThe tailwind of generative-AI when you have real product and real growth works.\u201d <\/p>\n

\n

The software company\u00a0
\n NOW,
\n -4.37%<\/bg-quote>
\n \u00a0is riding the momentum of a 27% jump in quarterly subscription sales, to $2.2 billion, and an aggressive push into AI. In May, ServiceNow announced a generative-AI partnership with Nvidia Corp.\u00a0
\n NVDA,
\n -4.31%<\/bg-quote>
\n to develop customized large language models for data using Nvidia\u00a0software, services and infrastructure.<\/p>\n

ServiceNow posted fiscal third-quarter net income of $242 million, or $1.18 a share, compared with net income of $80 million, or 39 cents a share, in the year-ago quarter. Adjusted earnings were $2.95 a share.<\/p>\n

Revenue soared 25% to $2.28 billion from $1.83 billion a year ago. ServiceNow expects annual subscription sales of between $8.635 billion and $8.64 billion. ServiceNow boasted 83 new transactions worth more than $1 million in net new annual contract value in Q2, up 20% year-over-year.<\/p>\n

Analysts surveyed by FactSet had expected, on average, quarterly adjusted net earnings of $2.56 a share on revenue of $2.27 billion. They forecast $8.9 billion in annual subscription sales for ServiceNow.<\/p>\n

Shares of ServiceNow have gained 40% so far this year, while the broader S&P 500\u00a0
\n SPX
\n has improved 9%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ServiceNow Inc.\u2019s stock leaped 5% in extended trading Wednesday after the company reported a quarterly bounce in revenue on strong subscription sales. \u201cIt\u2019s incredible. Innovation is the well-spring of growth: We have introduced 5,000 new innovations this year,\u201d ServiceNow Chief Executive Bill McDermott said in an interview Wednesday. \u201cThe tailwind of generative-AI when you have […]<\/p>\n","protected":false},"author":1,"featured_media":76854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-76853","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nServiceNow\u2019s stock jumps 5% on strong subscription sales | iFintechWorld<\/title>\n<meta name=\"description\" content=\"ServiceNow Inc.\u2019s stock leaped 5% in extended trading Wednesday after the company reported a quarterly bounce in revenue on strong subscription sales.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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