ServiceNow valuation dips after slashing subscription forecasts
subscription revenues hit $1.658 billion, up 25 percent on a year earlier, although growth had fallen from 26 percent in Q1. Total revenues reached $1.752 billion, an increase of 24 per cent. Total gross profit reached $1.363 billion, up 78 percent.the strong US dollar would hit technology stock prices, causing the sector valuations to tumble.
On an investor call late yesterday, he said exchange rates were part of the macro-economic mix causing ServiceNow to adjust its forecasts. "We always said no one is outrunning the strength of the dollar in this environment and that was what you've seen play out in the market. And we also acknowledge that especially in theaters of operation that are more affected by the macro [economics]," he said.
Software buyers were"lengthening" the cycle of doing deals because of"the great reprioritization," he said. The point was emphasised by CFO Gina Mastantuono."We're factoring in throughout the back half of the year slightly longer deal cycles," she said.
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