ServiceNow Surges on Strong Sales From Expanded Product Line
- CEO McDermott points toward demand for generative AI tools
- Company raises its annual outlook for subscription sales
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ServiceNow Inc. jumped the most in almost 21 months after reporting better-than-expected quarterly sales and bookings that signaled strong customer demand for its broad suite of software tools.
Second-quarter subscription sales, which account for the bulk of the company’s revenue, increased 23% to $2.54 billion, ServiceNow said Wednesday in a statement. Current remaining performance obligation, a measure of booked sales, increased 22% in the period ending June 30.