Posted on Friday, Oct 30th 2020
Despite the COVID-19 crisis, ServiceNow (NYSE:NOW) continues to outpace all market expectations. It is doubling down on tying up with other technology partners to provide solutions needed to accelerate digital transformations of organizations.
For the third quarter of the year, ServiceNow’s revenues grew 30% to $1.15 billion, ahead of the market’s forecast of $1.11 billion. EPS of $1.22 was also significantly ahead of the market’s estimates of $1.03.
By segment, subscription revenues grew 31% to $1.091 billion and professional and other services revenues grew 19% to $60.6 million.
During the quarter, it closed 41 transactions with more than $1 million in net new annual contract value (ACV). It now has 1,012 total customers with more than $1 million in ACV, up by 25% over the year.
ServiceNow has seen strong growth in core ITSM, Customer and Employee Workflow solutions, and Platform. Customer and Employee Workflow solutions accounted for 26% of new ACV and Platform solutions accounted for 12% of new ACV.
For the fourth quarter, ServiceNow forecast subscription revenues of $1.141-$1.146 billion and raised its full year guidance for subscription revenues to $4.257-$4.262 billion. The market was looking for revenues of $1.18 billion for the quarter with an EPS of $1.13 and revenues of $4.41 billion for the year with an EPS of $4.45.
ServiceNow’s Expanding Partnerships
During the quarter, ServiceNow announced its partnership with IBM to enhance employee productivity. The partnership will integrate IBM Watson AI with ServiceNow’s ITSM and its ITOM to reduce risk and uncertainty in the IT operations. Joint customers will have full visibility into their operational footprint and will be able to respond to incidents and issues faster by combining AI-powered hybrid cloud software and IBM’s professional services with self-learning workflows on the Now Platform.
AI driven insights from data will help create a baseline of a normal IT environment and provide recommendations for actions to prevent and fix IT issues at scale, even before they become problematic. Overall, the solution will help customers reduce time and IT resources from necessary maintenance activities and focus on creating and developing transformation projects to support the digital demands of the business. The solution is expected to be available later this year from IBM and will be available through a joint go-to-market strategy.
More recently, ServiceNow also expanded its digital partnership with Accenture. The two companies jointly announced the Accenture ServiceNow Business Group, which is a new solution focused on helping both private and public sector customers to accelerate their digital transformation and delivering industry and domain-specific solutions and services.
Together, they will initially help accelerate digital transformation programs for customers in telecom, financial services, government, manufacturing, healthcare, and life sciences by innovating across employee engagement, customer service and operations, artificial intelligence for IT operations, and security and risk management.
ServiceNow is cementing its position in the digital transformation market with these partnerships.
Its stock is currently trading at $510.59 with a market capitalization of $97.9 billion. It had climbed to a 52-week high of $533.37 earlier this month. The stock has recovered from the 52-week low of $238.29 that it was trading at in November last year .
This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . Should Alarm.com Follow a PaaS Strategy? . 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Splunk on the Right Track with Cloud and PaaS . Veeva Sets an Example, Transitions to a Public Benefit Corporation . BlackLine is Targeting A/R Automation Market . Okta Targets $25B Customer Identity Market with Acquisition . Teradata Trying to Reinvent Itself on the Cloud . Dropbox Acquires, But Competition Remains Stiff . Smartsheet Focuses on Partners, and not on ISVs . MongoDB has Huge Room to Grow in $97B Market . Cloud and Platform Expansion Continues at Nutanix . Rapid7 Targets $1B ARR by 2025 . DocuSign Exploring Unprecedented Digital Signature Offerings . Tenable Continues its Acquisition Spree . SolarWinds Attack Driving Zscaler's Stellar Performance . Zoom Should Report Developer Ecosystem Metrics . Dynatrace Competing with Rivals by Simplifying DevOps . Talend Becomes a Private Firm, Once Again . Everbridge Focuses on the Government Sector . Analysis of Fastly’s Signal Sciences Acquisition . Cloudera Focuses on Machine Learning for Verticals . 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Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . 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Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations . PagerDuty Focuses on Reducing Manual Intervention within DevOps . Pure Storage Focuses on Flexible Customer Offerings . Analysis of Adobe's $20B Figma Acquisition . Backblaze Builds out a Partner Program . Analysis of DigitalOcean's Acquisitions