ServiceNow raises annual subscription revenue forecast on robust demand
Adds details in paragraphs 7,8
July 24 (Reuters) -ServiceNow NOW.N raised its full-year subscription revenue forecast on Wednesday as its enterprise customers adopt artificial intelligence-enabled cloud-based software.
ServiceNow's shares were up more than 7% in extended trading and have gained 3.5% so far this year, underperforming the S&P 500 index .SPX.
A burgeoning demand for workflow automation and the company's continued efforts in generative AI helped ServiceNow drive growth.
Analysts expect strong U.S. federal business and growing AI software adoption to offset the effects of an uncertain economy on the company.
Separately, ServiceNow also said it had acquired search and retrieval platform Raytion, but did not provide deal value information.
It also said it will make a strategic investment in Prodapt, a provider of digital and network services for the telecom and technology industries.
As a result of an internal investigation, ServiceNow said its board has concluded that policy was violated with respect to the hiring of the former chief information officer of the U.S. Army.
ServiceNow added that the person has departed the company and, in addition, Chief Operating Officer CJ Desai and the company came to a mutual agreement that he would resign from all positions effective immediately.
The company projectedfull-year subscription revenue between $10.575 billion and $10.585 billion, above analysts' estimate of $10.565 billion, according to LSEG data.
It had previously projected between $10.560 billion and $10.575 billion for full-year subscription revenue.
On an adjusted basis, the company earned $3.13 per share during the quarter, compared with estimates of a profit of $2.84 per share.
Reporting by Akash Sriram in Bengaluru; Editing by Alan Barona
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