季报、指引皆超预期，软件巨头ServiceNow仍被市场抛售，AI冲击阴霾笼罩

Core Viewpoint - ServiceNow reported better-than-expected quarterly performance and sales guidance, but investor anxiety regarding potential disruption from artificial intelligence (AI) continues to weigh on its stock price, which fell approximately 6% in after-hours trading [1]. Financial Performance - In the recently concluded fourth quarter, ServiceNow's subscription revenue grew by 21% to $3.47 billion, and adjusted earnings per share were $0.92, both exceeding Wall Street expectations [1]. - The number of customers with annual contract values exceeding $5 million increased from 553 to 603, indicating steady expansion of its large customer base [1]. - The company expects subscription revenue for the current quarter to be around $3.65 billion, above analyst forecasts, and the current remaining performance obligations (cRPO) are projected to grow nearly 23% this quarter, also surpassing expectations [1]. Market Sentiment - Despite the positive financial results, the stock price decline reflects deep-seated market concerns about the long-term impact of technological disruption on traditional software leaders [2][6]. - Analysts have noted a significant divergence in valuation logic within the software industry, contributing to the unexpected stock price drop despite strong earnings and guidance [6]. AI Strategy - ServiceNow's CEO Bill McDermott defended the company's AI strategy, emphasizing that ServiceNow is not just an application vendor with added AI features but a key platform for enterprises to implement AI in operations [4]. - The company's main generative AI product, Now Assist, has exceeded expectations, with annual contract value surpassing $600 million by the end of December [4]. - To enhance its AI capabilities, ServiceNow is allowing customers to use most major AI models within its tools and has expanded its relationship with Anthropic PBC for greater access to its Claude model, alongside a three-year agreement with OpenAI [4]. Strategic Expansion - In addition to organic growth, ServiceNow is pursuing expansion through significant acquisitions, including a $7.75 billion acquisition of cybersecurity startup Armis, expected to close in the second half of the year [5]. - The CEO denied speculation that the acquisition was driven by necessity, stating it is aimed at entering new markets, and indicated that there are no other large market gaps to fill post-acquisition [5]. - The company's board announced an additional $5 billion stock repurchase plan, primarily to manage dilution effects, following an initial repurchase plan announced in May 2023 [5].