ServiceNow Inc. NOW the shares traded higher on Thursday after the company reported better-than-expected financial results.
ServiceNow said revenue in the first quarter rose 27% year-over-year to $ 1.72 billion, which is more than the $ 1.7 billion estimate, according to data from Benzinga Pro. Subscription revenues reached $ 1.63 billion in the first quarter.
The company reported quarterly adjusted earnings of $ 1.73 per share, beating the estimate of $ 1.70 per share.
“As businesses navigate a complex macro environment, our ability to continue to deliver great results demonstrates the resilience of our business and the critical mission of the Now Platform,” he said. Gina MastantuonoCFO of ServiceNow.
ServiceNow expects subscription revenues in the second quarter to grow approximately 26% year-over-year in the range of $ 1.67 billion to $ 1.675 billion.
Analyst Analysis:
- Citigroup analyst Tyler Radke maintains ServiceNow with a Buy rating and raises the price target from $ 623 to $ 656
- BMO Capital analyst Keith Bachman maintained ServiceNow with an Outperform rating and raised the price target from $ 570 to $ 595.
- RBC Capital analyst Matthew Hedberg maintained ServiceNow with an Outperform rating and raised the price target from $ 660 to $ 670.
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NOW 52-Week Coverage: $ 448.27 – $ 707.60
The stock was up 7.12% to $ 499.38 at the time of publication.
Photo: Donny Gonzo from Flickr.