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Technology Stocks : ServiceNow, Inc.
NOW 261.15+3.6%4:02 PM EDT

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From: JakeStraw1/30/2019 4:19:17 PM
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ServiceNow Reports Record Fourth Quarter and Fiscal Year 2018 Financial Results
Growth in IT Products Reaccelerates, Leading Strong Overall Performance

Subscription revenues of $666 million in Q4 2018, representing 33% year-over-year growth
51 transactions over $1 million in net new annual contract value in Q4 2018
Closed the year with 678 total customers with over $1 million in annual contract value, representing 33% year-over-year growth
SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 30, 2019-- ServiceNow (NYSE: NOW) today announced financial results for its fourth quarter and fiscal year ended December 31, 2018, with subscription revenues of $666 million in Q4 2018, representing 33% year-over-year growth.

ServiceNow, Forbes’ No. 1 World’s Most Innovative Company in 2018, now serves approximately 5,400 enterprise customers, including almost 75% of Fortune 500 companies. During the quarter, ServiceNow closed 51 transactions with more than $1 million in net new annual contract value. As of the end of the fiscal year 2018, the company had 678 total customers with more than $1 million in annual contract value, representing 33% year-over-year growth. Underlying its quarterly and full-year results, ServiceNow saw strength across its product portfolio and in every geography.

“We finished 2018 with our strongest fourth quarter ever, continuing our momentum as the leading digital workflow company shaping the future of work,” said John Donahoe, ServiceNow president and chief executive officer. “Our role as a strategic partner to the world’s largest enterprises continues to accelerate. As we look to another strong year of growth in 2019, we remain committed to enabling companies’ digital transformation by making work, work better for people.”

“Total backlog including deferred revenue at the end of 2018 was $5.1 billion, representing 35% year-over-year growth,” said Michael Scarpelli, ServiceNow chief financial officer. “Strength in the fourth quarter was driven by expansions of existing customer relationships, which contributed to a record $1.5 billion in total contract value booked.”
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