Helpdesk software-as-a-service provider ServiceNow continues to grow its subscription business, despite significant global challenges, including the ongoing war in Ukraine.
The company, led by former SAP CEO Bill McDermott, posted revenue of $ 1.7 billion for the first quarter of 2022, up 27% from the previous year. Subscription revenue reached most of that number, at $ 1.6 billion, up 26% year over ‑ year, while professional services accounted for the remaining $ 91 million in revenue. Net income for the quarter was $ 75 million.
Referring to ongoing business challenges, such as rising inflation and the ongoing war in Ukraine, ServiceNow CFO Gina Mastantuono said that while “businesses are navigating a macro environment full of so many challenges,” the ServiceNow is able to “continue to deliver strong results.”
McDermott also shrugged off any potential business impact of Russia’s aggression on Ukraine. “While there are significant challenges in the world, especially in the situation in Eastern Europe, we have not seen any material impact on our market. On the contrary, the challenges emphasize the need to invest in digital business,” he said. he told analysts.
Last month, ServiceNow launched the latest version of its workflow automation platform, called San Diego, which featured an updated design along with a major focus on automation, supported by additional robotic process capabilities automation.