ServiceNow Reports Q1 2023 Financial Results

ServiceNow the leader in cloud-based digital workflows has released its Q1 2023 financial results. ServiceNow Chairman and CEO Bill McDermott and CFO Gina Mastantuono hosted a conference call to discuss the results in more detail, with the replay available here.

ServiceNow had an outstanding first quarter with strong beats across our topline and profitability guidance metrics. These results indicate that enterprise software remains mission critical across a broad range of industries and sectors. It is delivering net-new innovation and strong growth, aggressively managing costs, and creating immense shareholder value. The company is well-positioned for the future.

ServiceNow also announced that Deborah Black, VP of engineering at Netflix, will join the company’s Board of Directors. This adds to yesterday mornings announcement that the company strengthened its leadership team in EMEA by promoting Cathy Mauzaize to president, EMEA; welcoming Fabio Spoletini as VP, EMEA South; and promoting Ulrik Nehammer to chairman, international.

Q1 2023 highlights include:

Exceeded guidance across all Q1 2023 topline growth and profitability metrics; raised 2023 subscription revenues guidance

Subscription revenues of $2.024 billion, representing 27% year-over-year growth adjusted for constant currency
Current remaining performance obligations (“cRPO”) of $7.01 billion, representing 25% year-over-year growth adjusted for constant currency
66 transactions over $1 million in net new ACV, up 27% year-over-year
Industry-leading renewal rate of 98%

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