Welcome to our dedicated page for ServiceNow news (Ticker: NOW), a resource for investors and traders seeking the latest updates and insights on ServiceNow stock.
ServiceNow, Inc. (symbol: NOW) is an American software company headquartered in Santa Clara, California. It specializes in developing a cloud computing platform designed to help companies manage digital workflows across enterprise operations. By offering a comprehensive suite of software solutions, ServiceNow enables organizations to streamline and automate various business processes through a Software as a Service (SaaS) delivery model.
Originally focusing on IT Service Management (ITSM), ServiceNow has significantly expanded its capabilities. The company's platform now addresses various functions beyond IT, including customer service, HR service delivery, and security operations. This diversification allows enterprises to optimize multiple aspects of their operations through a single, integrated platform.
ServiceNow's recent achievements include partnerships with global enterprises to enhance their digital transformation journeys. The company's application development platform further enables businesses to create custom applications tailored to their specific needs. Financially, ServiceNow has shown robust performance, consistently delivering strong revenue growth and expanding its customer base worldwide.
Overall, ServiceNow continues to be a pivotal player in the enterprise software market, driving innovation and efficiency through its cutting-edge digital workflow solutions.
ServiceNow reported Q2 2024 financial results, surpassing guidance across all topline growth and profitability metrics. Subscription revenues reached $2,542 million, marking a 23% year-over-year growth. Total revenues were $2,627 million, a 22% increase. The company's current remaining performance obligations (cRPO) hit $8.78 billion, a 22% rise, and overall RPO totaled $18.6 billion, up 31% year-over-year.
ServiceNow experienced a 15% growth in customers with over $1 million in annual contract value, now totaling 1,988. Net new annual contract value (NNACV) transactions over $1 million increased 26% to 88. The company raised its full-year 2024 subscription revenue guidance following Q2 outperformance.
Leadership updates include the resignation of President and COO CJ Desai, with Chris Bedi stepping in as interim Chief Product Officer. ServiceNow also announced strategic AI partnerships and the launch of new AI-driven tools and capabilities.
ServiceNow (NYSE: NOW) has announced a strategic investment in Prodapt, a leading provider of digital and network services for the telecom and technology industries. This marks ServiceNow's first Ecosystem Ventures investment targeting the telco industry segment. The partnership aims to:
1. Expand business transformation using the Now Platform
2. Develop new AI-enabled solutions for the Telecom & Technology industry
3. Enhance industry-specific go-to-market capabilities
4. Increase the number of certified ServiceNow experts
Prodapt plans to increase its certified ServiceNow professionals by 400% in the next four years, reaching over 1,500 full-time employees globally. The collaboration will also establish a new ServiceNow AI Center of Excellence, focusing initially on the U.S. and European markets.
ServiceNow and Boomi have announced a strategic commitment to enhance customer experiences through AI-powered self-service. Key points include:
1. Boomi will use ServiceNow solutions, including Technology Provider Service Management (TPSM), to streamline customer support and improve self-service.
2. ServiceNow will integrate Boomi's API Management (APIM) capabilities with Automation Engine for enhanced API visibility and governance.
3. Boomi will utilize ServiceNow's App Engine to build workflows into its Master Data Hub for a more intuitive user experience.
4. The collaboration aims to eliminate silos, simplify processes, and drive operational efficiency through intelligent automation.
5. The new offerings are expected to be available later this year.
ServiceNow (NYSE: NOW) has acquired Raytion to enhance its GenAI-powered search and knowledge management capabilities on the Now Platform. Raytion's information retrieval technology will enable unified real-time access to business-critical data across multiple enterprise sources, providing a more powerful, efficient, and personalized AI search experience. This acquisition aims to address the complexity of modern enterprise environments by integrating secure access to information from various data sources, allowing ServiceNow's AI Search to offer an intelligent search experience from a single entry point.
The integration of Raytion's technology with ServiceNow's platform is expected to boost self-service and case deflection by providing comprehensive, relevant search results in one centralized location. ServiceNow's single data model will further enhance this capability, enabling a more personalized experience for users based on their history and interactions.
Bell Canada and ServiceNow have announced an expanded multi-year strategic agreement to accelerate Bell's digital transformation and leadership in AI-powered solutions. As part of this collaboration, Bell will expand its use of the ServiceNow platform to enhance its tech services portfolio for enterprise customers and transform its network and IT infrastructure. The Now Platform will streamline critical business areas for Bell, including Network, Customer, Field Service Operations, and Corporate Services.
Key benefits of this partnership include:
- AI-optimized experiences leveraging GenAI-driven insights
- Enhanced customer support through automation
- Faster service deliveries using purpose-built telecommunications solutions
This agreement positions Bell as a leader in Canada's tech services landscape, offering end-to-end support for enterprise digital transformations while transforming its own network and infrastructure.
ServiceNow (NYSE: NOW) has announced that it will disclose its Q2 2024 financial results on July 24, 2024, following the market close. The results will be discussed during a conference call and live webcast starting at 2 p.m. Pacific Time. Investors and interested parties can join the call by dialing specified numbers or accessing the webcast link. An audio replay will be available two hours post-conference and will remain accessible for 30 days through the ServiceNow investor relations website.
The City of Reno has launched DROPS (Direct Resource Outreach & Placement Service), a mobile app designed to enhance outreach efforts for unsheltered individuals. Developed in collaboration with ServiceNow and NewRocket, DROPS equips outreach workers with tools for data collection, interaction tracking, case management, and analytics. This app aims to improve decision-making and resource allocation by providing real-time insights into the unsheltered community's needs. Mayor Hillary Schieve emphasized its potential to revolutionize homelessness outreach. The app's introduction was announced at the US Conference of Mayors, reflecting a strong commitment to leveraging technology for social good.
ServiceNow (NYSE: NOW), an AI-driven business transformation platform, has been recognized as a Leader in the Forrester Wave™: P&C Claims Management Systems, Q2 2024. This distinction highlights ServiceNow's Financial Services Operations for Insurance, which excels in strategy, analytics, and customer experience. The solution helps insurers optimize processes, improve efficiencies, and lower operational costs through automation and integrated data models. More than 450 insurance companies globally use ServiceNow's platform for digital transformation.
ServiceNow (NYSE: NOW) has been recognized as a Leader in the IDC MarketScape: Worldwide Multicloud and Hybrid Cloud Management with Automation, 2024 Vendor Assessment. This acknowledgment highlights the value and agility of ServiceNow's Now Platform, which integrates cloud observability, cloud discovery, and cloud cost management into a single solution.
ServiceNow's investments in generative AI and partnerships with NVIDIA are expected to sustain its innovation leadership. The company's unified platform aims to simplify cloud processes and align them with business objectives through automation. Key offerings include ITOM Cloud Discovery, Cloud Accelerate, Cloud Cost Management, Cloud Observability within ITOM AIOps, and Cloud Security Posture Control.
These solutions enhance cloud transformation, optimize costs, and improve security and governance, making organizations' cloud environments more efficient and resilient.
ServiceNow (NYSE: NOW) has been named a Leader in The Forrester Wave™: Strategic Portfolio Management Tools, Q2 2024. The report highlights the company's significant investment in Strategic Portfolio Management (SPM) and its enterprise-grade AI capabilities that improve decision-making and business value. Key strengths include application portfolio management, which offers robust inventory, capability mapping, and tracking features. ServiceNow introduced Now Assist for SPM, integrating AI for improved customer feedback response. The SPM solution consolidates business processes, enhances efficiency with AI and automation, and supports real-time analytics to align work with enterprise goals.
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