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ServiceNow's stock is headed for its worst day ever. The company posted underwhelming third-quarter results, reigniting AI disruption concerns.
ServiceNow stock plunged by double digits in the extended hours after the software giant published its financial results. NOW dropped by nearly 20% to $121, its lowest level since August 21, and 24% below its highest point this year.
Shares of software companies tumbled in premarket trading on Thursday following disappointing results from Fortinet and ServiceNow, deepening worries about AI disruption that has plagued the sector.
Shares in ServiceNow plunged after the software platform reported a set of mixed third-quarter results, with revenue beating expectations while earnings fell short. But analysts still see the stock rising over time.
Even with an uptick in multi-million-dollar AI deals, ServiceNow's earnings results weren't enough to win over software skeptics
ServiceNow reported Q3 earnings that missed estimates amid acquisitions while revenue and key financial metrics came in above views.