ServiceNow lifts guidance Q2 results beats estimates

July 25, 2024 07:02 AM AEST | By Investing

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ServiceNow lifts guidance Q2 results beats estimates

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Investing.com -- ServiceNow lifted its annual subscription revenue guidance after reporting Wednesday better-than-expected results and the software maker announced that chief operating officer CJ Desai had departed.

Chris Bedi was announced as interim Chief Product Officer.

ServiceNow reported adjusted earnings of $3.13 per share on revenue of $2.63B, beating Wall Street estimates for EPS of $2.82 on revenue of $2.60B.

Subscription revenues rose 23% to $2.54 billion in Q2 2024 from a year earlier amid new business wins.

The company reported 88 transactions over $1 million in net new annual contract revenue, or ACV, in Q2 2024, up 26% year-over-year, boosting the firm's backlog.

Remaining performance obligations were $18.6 billion as of Q2, representing 31% year-over-year growth.

Looking ahead, the company lifted its subscription revenue guidance to a range of $2.66B to $2.67B, from a prior range of $2.525B to $2.530B.

ServiceNow Inc (NYSE:NOW) rose more than 5% in afterhours following the report.

This article first appeared in Investing.com

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