By Sabela Ojea

ServiceNow said subscription revenue grew ahead of management expectations in the fourth quarter and raised its guidance for its key financial metric.

The cloud-based platform on Wednesday posted a net profit of $295 million, or $1.43 a share, compared with $150 million, or 74 cents a share, for the same period a year earlier. Analysts surveyed by FactSet had forecast a profit of $238.8 million, or 96 cents per share.

Revenue jumped 26%, to $2.44 billion, beating analysts expectations of $2.40 billion. The company said subscription revenue rose 27%, to $2.37 billion, coming ahead an internal outlook of $2.32 billion to $2.33 billion.

ServiceNow expects to end the first quarter with subscription revenue of $2.51 billion to $2.52 billion, and to close 2024 with subscription revenue of $10.56 billion to $10.58 billion.

In October, the company had guided for full-year subscription revenue of $8.635 billion to $8.640 billion.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

January 24, 2024 16:40 ET (21:40 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
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