ServiceNow, Inc. (NOW) experienced a 10% increase in premarket after the company announced fourth quarter and full year 2021 financial results. However, the last trading session closed at $ 484.42 with a decrease of 2.15%.
Fourth Quarter and Full Year 2021 Financial Results – Latest News
NOW announced the full year 2021 and fourth quarter results at 26ika January 2022. Subscription revenue became $ 1,523 million with 29% growth per year. Moreover, there is $ 5.7 billion in outstanding performance obligations. Not only this but there are 135 deals for more than $ 1 million in net new annual contract value, marking a 52 percent increase annually. Last but not the least, NOW is beating the high end of the forecast overall in Q4 2021 with continued currency subscription revenue growth accelerating year-over-year in Q1 2022.
What now?
The fourth quarter was a standout quarter that ended with a very good year of earnings growth. The company is working hard, and the company is looking forward to a fantastic year in 2022. In addition, the company expects continued growth in subscription revenue in the currency to increase annually, which will position the company for the next stable years and keep them on track to become a $ 15 billion revenue company.
Executive Leadership Promotions by NOW – What’s up?
At 26ika January 2022, NOW announced executive team promotions around the world. Chirantan CJ Desai, the company’s chief product and engineering officer, is now the chief operating officer (COO). Additionally, Kevin Haverty, the company’s chief revenue officer, has been appointed to the position of senior advisor to the CEO. Not only this but Paul Smith, the president of EMEA, has been appointed chief commercial officer. ServiceNow continues to dominate and work with clients to help them advance their digital innovation. In addition, the company has a tremendous opportunity to be the platform for every business, ministry, and educational institution on the planet. Bringing product and industry sales teams under one roof is in line with the customer first philosophy and will allow the company to further accelerate the development stages.
What’s next?
NOW enhances the leadership team in preparation for scalability as the business grows. Furthermore, customers have never been more interested in ServiceNow’s innovative platform. They couldn’t be more confident on the path to $ 15 billion in revenue and beyond, including individuals at this level.