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ServiceNow’s Profits Top Estimates, but Currency Slows Near-Term Growth

ServiceNow posted June quarter results that beat Wall Street’s profit estimates, but fell slightly short of its own forecasts and consensus expectations, largely due to currency effects. The workflow management software company also trimmed its full-year guidance, but reiterated its forecasts for subscription revenue of $11 billion in 2024 and $16 billion by 2026. “The demand environment for software is consistent and durable,” ServiceNow (ticker: NOW ) CEO Bill McDermott said in an interview with Barron’s, echoing upbeat comments on enterprise software demand from Microsoft (MSFT) on Tuesday .
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