The software company beat expectations for earnings and revenue as it continued to expand its artificial intelligence offerings.
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ServiceNow
reported first-quarter results on Wednesday that narrowly beat Wall Street’s estimates as the company said the conflict in the Middle East dragged on subscription revenue.
Here’s how the company performed versus LSEG estimates:
Revenue for the quarter grew 22% year-over-year. The company reported $469 million in net income, or 45 cents per share, a slight increase from $460 million, or 44 cents per share, a year ago.
ServiceNow announced an expanded partnership with Anthropic about a week after it inked a similar deal with competitor OpenAI.
Shares of ServiceNow sank over 16%, dragging down other software names like Salesforce, Workday and Oracle with it.
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The enterprise software company said the deal will bolster its cybersecurity capabilities in the age of artificial intelligence.
