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ServiceNow $NOW Q2 2024 Results

by Team Lumida
July 25, 2024
in Equities
Reading Time: 2 mins read
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ServiceNow $NOW Q2 2024 Results
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Key Takeaways:

  • EPS beat by 10%
  • Revenue beat by 0.6%
  • Total revenue: $2.63B, up 22% YoY, up 1% QoQ
  • Subscription revenue: $2.542B, up 23% YoY
  • Stock price up 13% post-earnings
  • Remaining performance obligations (RPO) reached $18.6B, up 31% YoY
  • 88 transactions over $1M in net new ACV, up 26% YoY
  • NowAssist (AI product) net new ACV doubled quarter-over-quarter
  • Current RPO was $8.78B, representing 22.5% YoY growth in constant currency
  • Non-GAAP operating margin was over 27%, approximately 250 basis points above guidance

Forward-Looking Statements and Insights:

William McDermott, Chairman & CEO:

“Enterprises are investing in business transformation. They are investing in AI. They are building a new reference architecture for the decades to come. This is the largest, most compelling business opportunity in the world. We are bullish on what’s ahead.”

Gina Mastantuono, CFO:

“We continue to see average contract terms increase with TCV from five plus year deals more than tripling year-over-year. We’re really seeing a meaningful uptick in multiyear duration contracts as customers are really seeing the power of the Now platform and just making longer, more strategic deals.”

Tags: $NOWEARNINGSService Now
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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