ServiceNow to continue Steamrolling towards $960Like NYSE:CRM , successful customers of ServiceNow become locked into the NYSE:NOW ecosystem and as they add functionality to their platform they gain an ever larger share of the IT department OPEX budget. Numbers wise, NYSE:NOW continues to steamroll forward with Forbes reporting:
Q1 2024 revenue: $2.6 billion — up 24% and $10 million above consensus as tracked by FactSet, noted Investor’s Business Daily.
Q1 2024 subscription revenues: $2.523 billion — up 24.5% in constant currency, $10 million above the consensus, IBD reported.
Q1 2024 current remaining performance obligations: $8.45 billion — a 21% increase from the year before and $40 million above consensus, according to IBD.
Q1 2024 adjusted earnings per share: $3.41 — a 44% increase from the year before and 27 cents per share above the consensus, reported Reuters.
Q2 2024 subscription revenue forecast: A range between $2.525 billion and $2.530 billion — the midpoint of which is about $1 million below the $2.54 billion London Stock Exchange consensus, according to Reuters.
From a pre earnings high of $813 to a post earnings low of $663, NYSE:NOW looks well positioned to march up to new highs, potentially as high as $960/share, with Analyst Day tomorrow May 6th followed by the start of their annual customer conference Knowledge 24 on Tues May 7 where bystanders will see over 20,000 NYSE:NOW customers flock into the crowded halls of the Sands Convention center in Vegas showing the true strength of their customer base. Buying calls. Good luck All!!
