ServiceNow, Inc. (NOW) experienced an increase of 10% in the premarket after the company announced the fourth quarter and full-year 2021 financial results. However, the last trading session closed at $ 484.42 with a decrease of 2.15%.
Fourth Quarter & Full Year 2021 Financial Results – Latest News
NOW announced full-year 2021 and fourth-quarter results on 26th January 2022. The subscription revenue came out to be $1,523 million with 29% year-over-year growth. Moreover, there were $5.7 billion in remaining performance obligations. Not only this but there were 135 deals for more than $1 million in net new annual contract value, marking a 52 percent increase year over year. Last but not the least, NOW beats the high end of forecast across the board in Q4 2021 with constant currency subscription revenue growth accelerating year-over-year in Q1 2022.
Now what?
The fourth quarter was a standout quarter that capped off a stellar year of earnings growth. The company is working hard, and the company is looking forward to a fantastic year in 2022. In addition, the company expects constant currency subscription revenue growth to increase year over year, positioning the firm for the next solid year and keeping them on track to become a $15 billion revenue company.
Executive Leadership Promotions by NOW – What’s up?
On 26th January 2022, NOW announced worldwide executive team promotions. Chirantan CJ Desai, the company’s chief product and engineering officer, is the chief operating officer (COO) now. Moreover, Kevin Haverty, the company’s chief revenue officer, has been appointed to the position of senior advisor to the CEO. Not only this but Paul Smith, the president of EMEA, has been appointed as the chief commercial officer. ServiceNow continues to dominate and collaborate with clients to help them advance their digital transformations. In addition, the company has a tremendous opportunity of becoming the platform for every business, ministry, and educational institution on the planet. Bringing the product and industry sales teams under one roof is in line with the customer-first philosophy and will allow the company to expedite the development cycles even further.
What’s Next?
NOW is increasing the leadership team in preparation for scalability as the business grows. Furthermore, customers have never been more interested in ServiceNow’s cutting-edge platform. They couldn’t be more confident in the path to $15 billion in revenue and beyond, with individuals of this level.