ServiceNow upbeat on growth despite economic constraints

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Workflow automation provider Service Now said on Wednesday that it remains optimistic about growth for the rest of the year, despite the uncertain macroeconomic environment, hoping the situation will indeed boost demand for its offerings.

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“As you know, they (enterprises) are not hiring either, they are laying off people, and they have to do more for less. We are made for that,” said Bill McDermott, CEO of ServiceNow. said during a call with analysts to discuss third-quarter earnings.

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McDermott said, “They need computers and platforms to work with so people have a more enjoyable experience on the employee side…

While the company is not untouched by the macroeconomic environment, its sales team is preparing for uncertainties by staying close to understanding customers’ needs, said company CFO Gina Mastantuono.

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In fact, Mastantuono said the company would continue hiring for the rest of the year, in contrast to many large technology companies—such as Google, Oracle and Microsoft—that are laying off large numbers of employees.

“Service Now is hiring and will continue to hire and we are investing in growth. Therefore, we are fully committed to continuing to build our world-class, go-to-market organization,” said Mustantuono, adding that Service Now will also hire critical engineering staff.

ServiceNow reports strong Q3 results

ServiceNow reported strong quarterly results on Wednesday, with a 25% year-over-year increase in revenue backed by at least 69 deals that were each worth more than $1 million.

The company reported total revenue of $1.83 billion for the quarter, with subscription revenue of $1.74 billion, an increase of 28.5% year-over-year, without considering the impact of currency fluctuations.

The top 20 deals signed by the company included a range of products including IT Service Management (ITSM), IT Operations Management (ITOM), Customer and Employee Workflows and Creator Workflows, McDermott said, pointing to the diversification of the company’s product portfolio. customer awareness.

“In Q3, both ITSM and ITOM were in 17 of our top 20 deals, with six deals over $1 million each. Security & Risk was 15 of the top 20 with five deals over $1 million Were in,” McDermott said.

The CEO said customer and employee workflows were also part of 12 of the top 20 deals signed during the quarter in question, along with Creator Workflows, which were all top 20 deals.

The company reported that it had a total of 1,530 customers and more than $1 million in annual contract value as of the end of September.

There was a 60% increase in the number of customers paying more than $10 million in annual contract value by the end of September.

ServiceNow announces new training program

ServiceNow has also introduced the Riseup with ServiceNow program, which aims to train one million ServiceNow certified professionals by 2024.

As part of the program, the company will offer 600 free courses along 18 job-related certification paths.



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