Why ServiceNow Stock Is Surging Today
(NYSE: NOW) stock is jumping in Thursday's trading following the company's recently published quarterly report. The software specialist's share price was up 7.8% as of 10:45 a.m. ET.
ServiceNow reported its third-quarter results after the market closed yesterday and posted sales and earnings for the period that beat Wall Street's expectations. The company recorded non-GAAP (adjusted) earnings per share of $3.72 on sales of $2.8 billion, topping the average analyst estimate's call for per-share earnings of $3.45 on revenue $2.75 billion.
ServiceNow's revenue increased roughly 22% year over year in the third quarter, and its adjusted earnings per share rose roughly 27% compared to the prior-year period. The company's subscription revenue grew 23% year over year to hit $2.715 billion, and the business closed out the quarter with remaining performance obligations of $19.5 billion -- up 36% year over year. The business recorded 15 new transactions with annual contract value above $5 million in the quarter, representing a roughly 50% increase over contract additions in the category compared to Q3 2023.
Source Fool.com
ServiceNow Inc. Stock
The stock is one of the favorites of our community with 118 Buy predictions and 4 Sell predictions.
With a target price of 131 € there is a positive potential of 37.26% for ServiceNow Inc. compared to the current price of 95.44 €.
