5 Stocks Making Big Moves on Earnings Reports

3. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 90

ServiceNow, Inc. (NYSE:NOW) recently delivered impressive profit and sales for the first quarter. The solid results sent ServiceNow shares up more than seven percent in the pre-market trading session on Thursday, April 28, 2022.

The California-based software company earned $1.73 per share, compared to $1.52 per share in the year-ago period. Revenue for the quarter climbed 29 percent versus last year to $1.75 billion. Analysts were expecting ServiceNow, Inc. (NYSE:NOW) to earn $1.70 per share on revenue of $1.7 billion.

Subscription revenue for the quarter jumped 26 percent to $1.631 billion and accounted for about 95 percent of the total sales. For the current quarter, ServiceNow, Inc. (NYSE:NOW) expects subscription revenue in the range of $1.670 ‑ $1.675 billion.

Commenting on the results, CFO Gina Mastantuono said:

“Q1 was another fantastic quarter of execution. NNACV (net new annual contract value) growth accelerated year‑over‑year, driving the fastest Q1 growth we’ve seen since 2018. While enterprises are navigating a complex macro environment, our ability to continue delivering strong results exemplifies the resiliency of our business and the mission‑critical nature of the Now Platform.”