Business & Investment

ServiceNow subscription revenue grows 32% depending on business workflow needs

ServiceNow Inc. reported on Wednesday its fourth-quarter subscription and customer growth, saying it will continue to help companies “digitally transform” as they survive the COVID-19 pandemic.

“Pandemic creates the biggest workflow challenge of our time. ServiceNow
now,
-3.00%

Bill McDermott, CEO, said in a statement in the company’s financial results.

From healthcare to financial services to the public sector, “you can’t find an industry that isn’t in the midst of digital transformation,” McDermott said in an interview with MarketWatch.

According to workflow software makers, subscription revenue increased 32% year-over-year, now has more than 1,000 customers, and annual contracts exceed $ 1 million, up 23% year-over-year. ..

Earlier this week, the company announced that it was leveraging its expertise. Help manage vaccination workflows, Includes those from the Department of Health and Human Services, North Carolina.

“From distribution, inventory management and vaccine care, all kinds of people in the chain need to be involved,” McDermott told MarketWatch. “It’s all a workflow challenge.”

The company’s share price, based in Santa Clara, California, rose 4.4% after falling 3% in an extended session on Wednesday, ending a regular session at $ 516.50.

ServiceNow’s fourth-quarter net income was $ 16.6 million (8 cents per share), down 97% from $ 598.7 million ($ 3.03 per share) in the year-ago quarter. Adjusted earnings are $ 1.17 per share, adjusted for share-based compensation and other costs.

Revenues increased from $ 951.8 million in the year-ago quarter to $ 1.25 billion. Analysts surveyed by FactSet predicted revenue of $ 1.06 per share for $ 1.21 billion in revenue.

For the full year, the company reported a profit of $ 119 million for a revenue of $ 4.5 billion.

The company expects subscription revenues of $ 1.275 billion to $ 1.28 billion in the first quarter, Chief Financial Officer Gina Massantuono said on the phone.

ServiceNow’s share has risen 75% in the last 52 weeks, but has fallen by more than 3% so far this year. S & P500 Index
SPX,
-2.57%

This year has increased by 2.6% so far.

ServiceNow subscription revenue grows 32% depending on business workflow needs

http://www.marketwatch.com/news/story.asp?guid=%7B21005575-02D4-D4B5-4572-D230A56F8FDF%7D&siteid=rss&rss=1 ServiceNow subscription revenue grows 32% depending on business workflow needs

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