Servicenow (NOW) Reports In-Line Q1 EPS; Guides Above the Street

Servicenow (NYSE: NOW) reported Q1 EPS of ($0.08), in-line with the analyst estimate of ($0.08). Revenue for the quarter came in at $139.1 million versus the consensus estimate of $134.64 million.

Servicenow sees Q2 2014 revenue of $160-162 million, versus the consensus of $156.7 million.

Servicenow sees FY2014 revenue of $652-657 million, versus the consensus of $644.24 million.

“We are off to a great start in 2014. We exceeded our previously stated financial outlook on revenue, added 134 net new customers and had nine new deals with an annual contract value in excess of $1 million, a record for ServiceNow,” said Frank Slootman, president and chief executive officer, ServiceNow. “We also continued to penetrate our existing customer base, with upsells comprising 34% of our annual contract value signed in the quarter and revenue per customer of $241,000, an increase of 22% from the same period last year.”

“Our strong first quarter performance included year-over-year billings growth of 64%, and a deferred revenue balance increase of 16% from the end of the prior quarter,” added Michael Scarpelli, chief financial officer, ServiceNow. “We also generated $24.2 million in operating cash flow and $13.2 million free cash flow.”

For earnings history and earnings-related data on Servicenow (NOW) click here.

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