Why Is ServiceNow (NOW) Stock Is Falling After Hours
ServiceNow IncNOW shares are trading lower Wednesday after the software company reportedfourth-quarter financial results.
What Happened:ServiceNow said fourth-quarter revenue jumped 20% year-over-year to $1.94 billion, in line with average analyst estimates, according toBenzinga Pro. Subscription revenues came in at $1.86 billion, representing 22% growth year-over-year. The company said it saw a spike in new business during the fourth quarter.
ServiceNow reported fourth-quarter earnings of $2.28 per share, which toppedconsensus estimatesof $2.02 per share.
The company noted that its quarterly results were generated with a lower mix of early renewals from 2023, providing more opportunities to drive further expansion throughout the year.
"ServiceNow continues to perform as a beyond expectations company. Our Q4 surge in new business shows that the secular tailwinds of digitization aren't going anywhere," saidBill McDermott, chairman and CEO of ServiceNow.
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