ServiceNow Inc.’s stock dipped 7% in extended trading Wednesday after the software company reported fiscal second-quarter revenue that fell short of Wall Street analysts’ forecasts. ServiceNow
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reported earnings of $20 million, or 10 cents a share, compared with earnings of $59 million, or 30 cents a share, in the year-ago quarter. Adjusted earnings were $1.62 a share.
Revenue increased 30% to $1.75 billion from $1.4 billion a year ago. Analysts surveyed by FactSet had expected, on average, earnings of $1.55 a share on revenue of $1.76 billion. “We remain very confident our customers need us more than ever, given the macro [-economic climate],” ServiceNow Chief Executive Bill McDermott told MarketWatch, reiterating that the company expects to hit $11 billion in revenue in 2024. “We continue to hire and double-down on our talent brand and in hiring.” Shares of ServiceNow have tumbled 31% this year. The broader S&P 500 index
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has declined 15.5%. “After Bill McDermott fired a bit of a warning shot that generated long-term concerns about the company’s prospects, ServiceNow delivered a largely positive quarter which saw the company beat on the bottom line,” Daniel Newman, principal analyst at Futurum, told MarketWatch. Earlier this mont …