ServiceNow Inc. is NOW,
the stock fell 12% on Tuesday following an interview in which its chief executive, Bill McDermott, warned of some serious macro headwinds. “You’re at 41-year high inflation. The dollar is now the highest in over two decades. We have rising interest rates. People are worried about security. You have a war in Europe. So, the mood is not good, ”McDermott said in a“ Mad Money ”segment on CNBC aired after the markets closed on Monday. “You can see the headwind of the dollar today against well -known technology brands. No one is more than running out of money today.” McDermott’s comments were made on the state of the tech sector, and not specifically about ServiceNow, which reported second-quarter earnings on July 27. In a statement to MarketWatch, a company spokesperson said: “No the company is in a better position to help customers innovate through the current macro environment than ServiceNow.Overall, the demand for digital technology remains stable.Our customers recognize the economic challenges but continue to indicates significant growth in IT spending. ” Shares of ServiceNow are down 34% so far in 2022, while the broader S&P 500 index SPX,
dropped 19%.
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