ServiceNow sees revenue increase 36 percent to $2.6 billion
ServiceNow has published its full-year results for 2018, revealing a rise in revenue from $1.9 billion to $2.6 billion, an increase of 36 percent from the previous year.
Despite increases in revenue, ServiceNow experienced a net loss of $26.7 million. The loss, however, was an improvement on the $149.1 million net loss reported for 2017.
Of its $2.6 billion in revenue, ServiceNow made $2.4 billion from subscriptions, up 39 percent year-over-year. This exceeded the company's FY18 projected subscription revenue of $2.35 billion to $2.37 billion. The company also had $187 million in revenue from professional services, up five percent compared to FY17.
For the fourth quarter, the company reported $715 million in total revenue and $7 million in net income.
As of December 31, ServiceNow had cash and cash equivalents of $556 million, down from $726.5 million, and net assets of $3.88 billion, up from $3.55 billion a year earlier.
During the financial year, the company landed 678 deals that were worth more than $1 million, representing 33 percent year-over-year growth.
ServiceNow also made a series of additional acquisitions during the past year. In October, the cloud computing company acquired the technology of FriendlyData, a two-year-old company based in San Francisco that provides a natural language interface for databases. Other acquisitions that were made earlier in the year include tech startup Parlo, SaaS management company VendorHawk, and SkyGiraffe.
"With this technical enhancement, our goal is to allow anyone to easily make data driven decisions, increasing productivity and driving businesses forward faster," ServiceNow's SVP of development and operations Pat Casey said at the time of FriendlyData's acquisition.
ServiceNow also provided its subscription revenue outlook for FY19, saying that it expects to have up to $3.2 billion in subscription revenue, which would be 33 percent growth year-over-year.
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