ServiceNow (NOW) reported first-quarter 2024 adjusted earnings of $3.41 per share, which beat the Zacks Consensus Estimate by 8.25% and jumped 44% year over year.Revenues of $2.60 billion beat the consensus mark by 0.62% and increased 24.2% year over year. At constant currency (cc), revenues increased 24% year over year to $2.597 billion.Subscription revenues improved 24.7% year over year to $2.52 billion. At cc, subscription revenues increased 24.5% year over year, 50 basis points (bps) above the high end ...

Aavenir, a ServiceNow Advanced Platform partner, will unveil its latest Generative AI-powered contract lifecycle management solution at ServiceNow KNOWLEDGE24 in Las Vegas. Legal, procurement, and IT team attendees from across the globe will also witness Avy AI – Aavenir's Generative AI Assistant for contract management Live-in Action, as it marks its debut at KNOW24.   SANTA CLARA, Calif., April 25, 2024 /PRNewswire/ --  Aavenir, a global AI-Powered Source-to-Pay and Contract Lifecycle Management solutions ...

SUN VALLEY, IDAHO - JULY 07: CEO of ServiceNow Bill McDermott waves as he walks to lunch at the ... [+] Allen & Company Sun Valley Conference on July 07, 2021 in Sun Valley, Idaho. After a year hiatus due to the COVID-19 pandemic, the world’s most wealthy and powerful businesspeople from the media, finance, and technology worlds will converge at the Sun Valley Resort for the exclusive week-long conference. (Photo by Kevin Dietsch/Getty Images)Getty ImagesIf CEOs want their stock price to go up, their compan ...

ServiceNow (NOW) reported $2.6 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 24.2%. EPS of $3.41 for the same period compares to $2.37 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.59 billion, representing a surprise of +0.62%. The company delivered an EPS surprise of +8.25%, with the consensus EPS estimate being $3.15.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how t ...

Financial Data and Key Metrics Changes - Subscription revenue for Q1 2024 was $2.523 billion, growing 24.5% year-over-year in constant currency, exceeding guidance by approximately 50 basis points [50][39] - Current Remaining Performance Obligations (RPO) was $8.45 billion, representing 21% year-over-year constant currency growth, beating guidance by 100 basis points [23][11] - Non-GAAP operating margin was over 30%, approximately 150 basis points above guidance, with free cash flow margin at 47%, up 12 points year-over-year [25][22] Business Line Data and Key Metrics Changes - IT Service Management (ITSM) and IT Operations Management (ITOM) were included in 16 of the top 20 deals, while Security and Risk were in 11 of the top 20 [4][11] - The number of customers paying over $1 million in Annual Contract Value (ACV) reached 1,933, with those paying $20 million or more growing over 50% year-over-year [24][50] - Gen AI products were in seven of the top 10 deals, indicating strong adoption [52][40] Market Data and Key Metrics Changes - The public sector showed strong performance globally, with significant transactions from the government of Australia and Italy [13][14] - The technology, media, and telecom sectors saw over 100% year-over-year growth in net new ACV, while education grew nearly 50% year-over-year [23][22] Company Strategy and Development Direction - The company is positioning itself as the AI platform for business transformation, emphasizing the importance of Gen AI in driving productivity and efficiency [4][15] - There is a focus on expanding partnerships, such as with Microsoft for Generative AI capabilities, to enhance customer experiences [12][41] - The company is investing in global expansion, particularly in regions like Saudi Arabia, with a $500 million investment aimed at enhancing data center capabilities [134][133] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment for enterprise software, highlighting that AI is a catalyst for business transformation [15][46] - The company anticipates continued strong performance in Q2, driven by Gen AI conversations serving as a digital transformation catalyst [22][27] - Management noted that the current economic environment is not as challenging as in previous years, with budgets increasing for IT and Gen AI initiatives [87][88] Other Important Information - The company ended Q1 with $8.8 billion in cash and investments, and a share repurchase program is in place to manage dilution [25][26] - The company is preparing for its upcoming Investor Day, where more details on strategy and performance will be shared [27][41] Q&A Session Summary Question: Insights on cRPO and seasonality - Management noted that early renewals were stronger than last year, but they remain prudent in forecasting for Q2 due to seasonality [28][83] Question: Gen AI adoption and its impact on hiring - Management confirmed that Gen AI is increasing engineering productivity and innovation velocity, positively impacting hiring plans [72][73] Question: RPO growth and its implications - RPO growth was 27% year-over-year, indicating a strong long-term opportunity for the company [68][69] Question: Federal government business performance - The federal business had its biggest Q1 ever, with significant net new ACV growth and strong interest in Gen AI offerings [188][176] Question: Pro Plus adoption rates - Pro Plus is seeing faster adoption compared to Pro, exceeding internal projections and driving significant interest from customers [191][190]

ServiceNow (NOW) came out with quarterly earnings of $3.41 per share, beating the Zacks Consensus Estimate of $3.15 per share. This compares to earnings of $2.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.25%. A quarter ago, it was expected that this maker of software that automates companies' technology operations would post earnings of $2.77 per share when it actually produced earnings of $3.11, delivering a surprise ...

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ServiceNow (NYSE: NOW) has demonstrated remarkable performance in the first quarter of 2024, surpassing analysts’ expectations with impressive financial results. However, despite the positive Q1 earnings report, the ServiceNow stock plummeted −36.79 (4.93%) in the after market hours, immediately after the earnings release, negating the +5.34 (0.72%) gains it had made on Wednesday.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.The company reported a N ...

ServiceNow Reports First Quarter 2024 Financial Results SANTA CLARA, Calif. - April 24, 2024 - ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced financial results for its first quarter ended March 31, 2024, with subscription revenues of $2,523 million in Q1 2024, representing 25% year-over-year growth and 24.5% in constant currency. "ServiceNow is off to a fast start with an outstanding first quarter," said ServiceNow Chairman and CEO Bil ...

ServiceNow (NOW) is scheduled to release its first-quarter 2024 results on Apr 24.The workflow and IT operations management platform provider’s near-term results are expected to reflect the negative impacts of a challenging macroeconomic environment, including persistent inflation that has pushed back chances of an early rate cut by the Federal Reserve.Nevertheless, ServiceNow has been benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation. NOW is benefiting fr ...