ServiceNow Q2 solid as company lands bigger deals

ServiceNow delivered better-than-expected second quarter results as it inked 28 deals worth more than $1 million.

The company reported a second quarter net loss of $52.7 million, or 30 cents a share, on revenue of $631.1 million, up 41 percent. Non-GAAP earnings for the quarter were 49 cents a share.

Wall Street was looking for non-GAAP second quarter earnings of 43 cents a share on revenue of $618.4 million.

As for the outlook, ServiceNow said it will have subscription revenue of $610 million to $615 million with subscription billings of $648 million to $653 million.

ServiceNow appears to be cross selling into new markets well. CEO John Donahoe said that ServiceNow is benefiting from digital transformation implementations. ServiceNow has 575 customers with annual contract values of $1 million.

Also:

• ServiceNow: Solid and uncertain -- a company in transition
• ServiceNow launches Virtual Agent, aims to resolve issues via bot
• ServiceNow buys AI startup Parlo