Summary by Moomoo AI
ServiceNow exceeded Q2 2024 guidance across all topline growth and profitability metrics, with subscription revenues of $2.54B, up 23% YoY. The company raised its 2024 subscription revenue and operating margin guidance. Current remaining performance obligations reached $8.78B, up 22% YoY.ServiceNow announced the departure of President and COO CJ Desai following an internal investigation into potential compliance issues related to a government contract. The investigation found violations of company policy regarding the hiring of a former U.S. Army CIO. Chris Bedi was appointed interim Chief Product Officer.The company highlighted strong demand for its generative AI offerings, with NNACV for Now Assist doubling QoQ. ServiceNow expanded AI partnerships with Microsoft, IBM, and Nvidia, and announced plans for a UAE cloud. The company maintained confidence in achieving its $15B+ revenue target for 2026.
