Why Shares Of ServiceNow Are Down Today

Shares of ServiceNow, Inc. NOW are trading lower today after the company reported second-quarter financial results.

Why Is It Moving?

The company reported quarterly sales of $1.75 billion which missed the analyst consensus estimate of $1.76 billion

“ServiceNow once again beat expectations on the top and bottom line…ServiceNow is the enduring platform for a fast‑changing world. Our pace of innovation, customer‑centricity and consistent execution are proven. While no industry is immune to the current macro environment, no company is in a better position than ServiceNow to help customers innovate through this moment," said ServiceNow President and CEO Bill McDermott. 

Following the call, McDermott joined CNBC’s Squawk on the Street with Jim Cramer, where he reaffirmed his positive outlook on the company. McDermott explained that he believes ServiceNow will become an industry leader before 2030. In addition, he explained that his company is in the best position to weather a possible recession. 

Price Action: Shares are down ~4% as shares hover at $430.31 this morning, according to Benzinga Pro.

Photo: Courtesy of Glenn Carstens-Peters on Unsplash