ServiceNow tops Q2 earnings targets

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ServiceNow, makers of a cloud automation platform used for IT service and other functions, delivered better-than-expected second quarter financial results on Wednesday. ServiceNow ended the quarter with 964 total customers with more than $1 million in annual contract value, an increase of 26% year-over-year. We exceeded the high end of our subscription revenues and billings guidance, while continuing to drive margin expansion and strong free cash flow," said ServiceNow CFO Gina Mastantuono. "Our best-in-class renewal rate remained at 97%, and customers continue to expand on the Now Platform, giving us conviction to raise our growth and profitability guidance for the year. Separately, ServiceNow announced that Kevin Haverty has been named Chief Revenue Officer, leading all global sales activities; and Lara Caimi has been named Chief Customer and Partner Officer, a new role within the company.

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