From Financial Modeling Prep: 2024-10-24 11:15:00

ServiceNow (NYSE:NOW) saw its shares surge over 5% today after announcing a fourth-quarter subscription revenue forecast that exceeded Wall Street estimates. The IT management software provider raised its full-year subscription revenue outlook due to strong demand from new and existing customers.

For the fourth quarter, ServiceNow expects subscription revenue between $2.875 billion and $2.880 billion, surpassing the consensus of $2.85 billion. The company also raised its annual subscription revenue forecast to a range of $10.655 billion to $10.660 billion, up from the previous guidance.

In the third quarter, ServiceNow reported adjusted earnings per share of $3.72 on revenue of $2.79 billion, beating expectations of $3.45 per share and $2.75 billion in revenue. The company also experienced a 16% increase in current remaining performance obligations, reaching $9.36 billion.



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