ServiceNow: Is it still worth buying after a 25% drop in stock price? Third-quarter performance and AI risks draw attention
Ai Focus
ServiceNow's stock price fell 25% on Thursday, recording the largest single-day decline so far. The company's revenue in the third quarter increased by over 20% to $4.11 billion, which was generally in line with expectations, but the adjusted earnings per share of $1.00 were lower than the estimated $1.02; the annual subscription revenue forecast was slightly raised to $15.78 billion to $15.79 billion. The new AI contract value increased by 65%, yet this did not alleviate market concerns about AI tools impacting the traditional software business.
ServiceNow's stock price fell by 25% on Thursday, setting a record for the largest single-day decline in the company's history. The third-quarter earnings announced earlier provided little reason for investors to remain optimistic.
The company's revenue grew by over 20% to $4.11 billion, which is basically in line with the market's expectation of $4.10 billion. The adjusted earnings per share were $1.00, lower than the estimated $1.02.
ServiceNow has slightly raised its annual subscription revenue forecast to between $15.78 billion and $15.79 billion, with the value of newly signed AI contracts increasing by 65%.
However, these data are still not sufficient to dispel market concerns: the AI tool may undermine traditional software business. Investors are also uneasy about the company's investment in establishing a new team of engineers within customer enterprises, as this expenditure has not yet yielded any returns.
The Tyler Radke of Citi indicates that it is not uncommon for ServiceNow to lack upward surprises.
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