Why ServiceNow Stock Is Skyrocketing Today
(NYSE: NOW) stock is surging Thursday after the company reported better-than-expected first-quarter results. The software company's share price had risen 15.2% as of 11:45 a.m. ET. Meanwhile, the S 500 was up 1.2%, and the Nasdaq Composite was up 1.7%.
ServiceNow published its Q1 results after market close yesterday and delivered a substantial earnings beat. Making the report even better, the company increased its full-year performance targets.
ServiceNow posted non-GAAP (adjusted) earnings per share of $4.04 on revenue of $3.09 billion. The sales performance was in line with the average Wall Street estimate, but beat the company's own guidance, and earnings for the period came in significantly ahead of the per-share profit of $3.83 called for by the average analyst target. The software specialist's revenue increased roughly 19% year over year in the period. The performance was driven by 19% growth for subscription revenue, which accounted for $3 billion of the overall sales total.
Source Fool.com
ServiceNow Inc. Stock
The stock is one of the favorites of our community with 99 Buy predictions and 4 Sell predictions.
With a target price of 936 € there is a slightly positive potential of 8.21% for ServiceNow Inc. compared to the current price of 865.0 €.
