ServiceNow subscription revenues up 30 percent

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Bill McDermott / CEO of ServiceNow

Key Takeaways

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ServiceNow reported $1 billion in subscription revenues for Q2 2020, reflecting a 30% year-on-year growth.

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The company achieved an annual run rate of $4 billion in subscription revenues and closed 40 transactions exceeding $1 million in net new annual contract value, including two over $10 million.

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CEO Bill McDermott emphasized ServiceNow's role as a leader in the workflow revolution, highlighting the urgent need for businesses to digitize workflows to enhance customer, employee, and partner experiences.

ServiceNow has released financial results for the quarter, with subscription revenues of $1bn in Q2 2020 representing 30 percent year-on-year growth.

ServiceNow’s second quarter results showed that the company achieved $4bn subscription revenues annual run rate and closed 40 transactions with more than $1m in net new annual contract value (ACV), including two transactions over $10m. It now has 964 total customers with over $1m in ACV.

Bill McDermott, ServiceNow CEO, said: “ServiceNow is leading the workflow revolution, proven by our very strong Q2 result. Businesses need to rapidly digitise workflows to deliver great experiences for their customers, employees, and partners. We are the strategic workflow authority helping our customers solve once in a generation challenges and capitalise on the immense opportunities of digital transformation.”

Key Takeaways

⇨ ServiceNow reported $1 billion in subscription revenues for Q2 2020, reflecting a 30% year-on-year growth.

⇨ The company achieved an annual run rate of $4 billion in subscription revenues and closed 40 transactions exceeding $1 million in net new annual contract value, including two over $10 million.

⇨ CEO Bill McDermott emphasized ServiceNow's role as a leader in the workflow revolution, highlighting the urgent need for businesses to digitize workflows to enhance customer, employee, and partner experiences.

⇨

ServiceNow reported $1 billion in subscription revenues for Q2 2020, reflecting a 30% year-on-year growth.

⇨

The company achieved an annual run rate of $4 billion in subscription revenues and closed 40 transactions exceeding $1 million in net new annual contract value, including two over $10 million.

⇨

CEO Bill McDermott emphasized ServiceNow's role as a leader in the workflow revolution, highlighting the urgent need for businesses to digitize workflows to enhance customer, employee, and partner experiences.