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ServiceNow swings to profit in Q2, sales increase



Shares of ServiceNow Inc. NOW,
+ 2.45%
it fell more than 3% in the extended session Wednesday after the cloud software company reported second-quarter earnings above expectations and said its subscription sales rose 30%. ServiceNow said it earned $ 41 million, or a 20-cent share, in the quarter, a swing from a 6-cent share loss in the year-ago period. Adjusted for one-time items, the company earned $ 1.23 a share. Revenue rose 28% to $ 1.07 billion, the company said. Analysts surveyed by FactSet expected an adjusted earnings of $ 1

.01 a share on sales of $ 1.05 billion for the quarter. The company said its subscription revenue increased by 30% year-over-year. ServiceNow guided subscription revenue between $ 4.185 billion and $ 4.200 billion for the full year 2020. ”Our top-class renewal rate has remained 97%, and customers continue to expand on the Now Platform, and they give us conviction to raise our growth and profitability guide for the year. I am confident in our ability to deliver our second half. “Chief Financial Officer Gina Mastantuono said in a statement.


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