ServiceNow reported strong financial results for Q2 2024, with total revenue reaching $2.63 billion, up 22% year-over-year. Subscription revenue grew 23% to $2.54 billion, while professional services revenue increased 13% to $85 million. The company maintained a high renewal rate of 98% and expanded its customer base to 1,988 customers with annual contract value exceeding $1 million.Operating performance showed continued momentum with operating income of $240 million, more than doubling from $117 million in Q2 2023. The company generated robust free cash flow of $1.58 billion for the first half of 2024, up 33% year-over-year, demonstrating strong operational efficiency. Gross margin remained healthy at 79% while maintaining significant investments in R&D and sales capabilities.Looking ahead, ServiceNow expects subscription revenues to continue growing in absolute dollars while maintaining stable margins. The company's remaining performance obligations reached $18.6 billion, up 31% year-over-year, with 47% to be recognized as revenue within 12 months. ServiceNow also initiated a new $1.5 billion share repurchase program, reflecting confidence in its business model and financial strength.

ServiceNow reported strong financial results for Q2 2024, with total revenue reaching $2.63 billion, up 22% year-over-year. Subscription revenue grew 23% to $2.54 billion, while professional services revenue increased 13% to $85 million. The company maintained a high renewal rate of 98% and expanded its customer base to 1,988 customers with annual contract value exceeding $1 million.Operating performance showed continued momentum with operating income of $240 million, more than doubling from $117 million in Q2 2023. The company generated robust free cash flow of $1.58 billion for the first half of 2024, up 33% year-over-year, demonstrating strong operational efficiency. Gross margin remained healthy at 79% while maintaining significant investments in R&D and sales capabilities.Looking ahead, ServiceNow expects subscription revenues to continue growing in absolute dollars while maintaining stable margins. The company's remaining performance obligations reached $18.6 billion, up 31% year-over-year, with 47% to be recognized as revenue within 12 months. ServiceNow also initiated a new $1.5 billion share repurchase program, reflecting confidence in its business model and financial strength.