Market SentimentServiceNow’s share price is down more than 10% as they appear to be reacting negatively in sympathy to recent negative earnings from other leading application and automation SaaS vendors.
Revenue GrowthA large partner called out fewer early renewals in Q2/Q3, and the percentage of customers who have already adopted Pro Plus remains modest.
Subscription RevenueAnalyst believes 2H24 presents risk to consensus Subscription, presenting material risk in the stock, currently trading at a rich 15x EV/NTM likely recurring revenue.