Posted on Monday, Jan 31st 2022
The IT Service Management (ITSM) applications market is expected to reach $6.8 billion by 2025, from $6.3 billion in 2020. ServiceNow (NYSE:NOW), one of our picks for
25 Cloud Stocks to BUY for 2022, remained the largest vendor in the space with a 40% market share, followed by Atlassian and LogMeIn. Recently, it reported its fourth quarter results that continued to outpace market expectations. ServiceNow’s Financials
For the fourth quarter, ServiceNow’s revenues grew 30% to $1.62 billion, ahead of the market’s forecast 0.8%. EPS of $1.46 was also ahead of the market’s estimates of $1.43.
By segment, subscription revenues grew 30% to $1.5 billion and professional and other services revenues grew 38% to $91 million. Constant currency constant duration subscription billings grew 33% to $2.42 billion, representing the strongest normalized billings growth seen from ServiceNow since 2018. It reported a user base of over 70 million across its solution portfolio. It added 99 customers generating more than $1 million in ACV, growing 25% over the quarter.
It ended the year with revenues growing 29% to $5.8 billion and an EPS of $6.07.
For the first quarter, ServiceNow forecast subscription revenues of $1.61-$1.615 billion. For the fiscal year, it forecast subscription revenues of $7.02-$7.04 billion. The market expects ServiceNow to deliver revenues of $7.37 billion with an EPS of $7.12 for the year and revenues of $1.7 billion with an EPS of $1.70 for the quarter.
Recently, ServiceNow announced the launch of ServiceNow Impact, its solution to assist customers in speeding up the return on their digital transformation investments. The solution combines AI-powered recommendations, expert guidance, premium tech support, and tools. While more and more companies are spending significant resources on digital transformation initiatives globally, they are still seeing material gap in getting expected outcomes from these investments. ServiceNow’s Impact will help close this gap with its personalized recommendations and insights, premium technical support and preventative tools, role-based training and certifications, expert coaching, and prescriptive guidance, all in a premium digital experience.
Earlier last quarter, ServiceNow also announced the acquisition of California-based DotWalk for an undisclosed sum. DotWalk was set up in 2017 to automate testing and application upgrades for the Now Platform. It uses AI regression testing for business processes and creates automated tests. Its tools allow customers to validate application changes without developers writing tests. DotWalk runs natively on ServiceNow’s automated test framework and has helped accelerate ServiceNow upgrades. ServiceNow believes that the integration of DotWalk’s tools will help reduce the cost of ownership of ServiceNow. Customers will be able to save time in testing application changes, and will also be able to free the time of developers to focus on higher-value business activities. Prior to the acquisition, DotWalk was privately held and did not disclose its financials.
Its stock is currently trading at $561.08 with a market capitalization of $111.7 billion. It hit a 52-week high of $707.60 in November last year and a 52-week low of $448.27 in May last year. Now is a terrific entry-point into NOW. Superb company with endless potential for organic and inorganic growth.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. I am an investor in this company. Photo Credit: Gerd Altmann from Pixabay 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 . 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Twilio Focuses on Customer Engagement . Analysis of Amazon's MGM Acquisition . Guidewire Focuses on Building its Partner Network . Momentive, Formerly SurveyMonkey, Adds Analytics to Offerings . Zendesk Should Look at Acquisitions . HubSpot Continues to Grow its App Marketplace . Is Alteryx Being Acquired? . Shopify Continues to Woo Developers . DigitalOcean Expands Partnership with MongoDB . Analysis of Qualys' TotalCloud Acquisition . Pure Storage Experimenting with Pricing Models . Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . 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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 . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . 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 . 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Okta Bounces Back Stronger Despite Security Event . Analysis of Zoom's Acquisition of Solvvy