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Earnings Results: ServiceNow subscription revenue up 32% on demand for business workflow needs

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ServiceNow Inc. on Wednesday reported subscription and customer growth in the fourth quarter, saying it continued to help companies with their “digital transformations” as they navigate the COVID-19 pandemic.

The maker of workflow software said its subscription revenue rose 32% year over year, and that it now has more than 1,000 customers with more than $1 million in annual contract value, a 23% increase from the year-ago period. Earlier this week, the company announced it is using its expertise to help manage vaccination workflows, including that of North Carolina’s Department of Health and Human Services.

Shares of the Santa Clara, Calif.-based company rose 4.4% in the extended session Wednesday after falling 3% to end the regular session at $516.50.

ServiceNow NOW, -3.00% reported fourth-quarter net income of $16.6 million, or 8 cents a share, a 97% drop from $598.7 million, or 3.03 a share, in the year-ago period. Adjusted earnings were $1.17 a share, adjusted for stock-based compensation and other charges.

Revenue rose to $1.25 billion from $951.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.06 a share on revenue of $1.21 billion.

For the full year, the company reported $119 million in profit on $4.5 billion of revenue.

ServiceNow shares have risen 75% in the past 52 weeks, but are down more than 3% so far this year. The S&P 500 Index SPX, -2.57% is up 2.6% so far this year.

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