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Should You Buy ServiceNow Stock After 25% Drop? Q3 Results And AI Risks
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
ServiceNow shares tumbled 25% on Thursday, on track for their biggest one-day loss ever, after third-quarter results gave investors little reason to stay optimistic. Revenue climbed more than 20% to $4.11 billion, roughly matching the $4.10 billion forecast. Adjusted earnings of $1.00 per share missed estimates of $1.02. The company nudged its full-year subscription revenue outlook up to between $15.78 billion and $15.79 billion, and new AI contract value rose 65%. That was not enough to calm worries that AI tools could undercut traditional software businesses. Investors were also uneasy that ServiceNow’s spending on a new team of engineers placed inside client companies has yet to pay off. Citi’s Tyler Radke said the lack of upside was unusual for ServiceNow.
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