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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