Summary by Moomoo AI
ServiceNow delivered strong financial results for Q3 2024, with total revenue reaching $2.8 billion, up 22% year-over-year. Subscription revenue grew 23% to $2.7 billion, while net income surged 78% to $432 million. The company maintained a robust renewal rate of 98% and expanded its customer base to 2,020 customers with annual contract value exceeding $1 million.Operating performance showed significant improvement with operating income increasing 81% to $418 million. The company's remaining performance obligations (RPO) grew 36% year-over-year to $19.5 billion, with current RPO representing 48% of the total. Digital workflow products generated $2.4 billion in subscription revenue, while ITOM products contributed $317 million.Looking ahead, ServiceNow continues to demonstrate strong market momentum and operational efficiency. The company generated $2.6 billion in operating cash flow for the first nine months, up 47% year-over-year, and maintained $9.1 billion in total cash and investments. Management remains focused on expanding its intelligent platform capabilities and driving customer value through workflow automation and AI integration.
