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Technology / AI and automation

ServiceNow has positive financial results for second quarter 2013

ServiceNow has announced its financial results for its second quarter of 2013.

The enterprise IT cloud company took in revenues of $102.2 million, an increase of 80% compared to the second quarter of 2012, and an increase of 19% from the first quarter of 2013.

A GAAP net loss for the quarter of $21.4 million, or a loss of $0.16 per basic and diluted share, compared to a GAAP net loss of $8.7 million, or a loss of $0.32 per basic and diluted share, in the second quarter of 2012.

Frank Slootman, ServiceNow president and chief executive officer, said: "In the second quarter we added 138 new customers, bringing our cumulative customer count to 1,778 worldwide, achieved a customer renewal rate of 94.2%, and continued to penetrate our installed base with upsells comprising 25% of our total annual contract value signed during the quarter.

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"We also hosted nearly 4,000 attendees at our annual user conference, Knowledge, and announced several key product innovations," he added.

In May, ServiceNow hosted Knowledge13, its annual global user conference, in Las Vegas. With nearly 4,000 attendees, doubling last year’s attendance, Knowledge is the largest gathering of IT professionals using cloud services to transform service delivery across the enterprise.

"ServiceNow crossed the $100 million revenue mark for the first time with $102.2 million in total revenue in the quarter, and billed $117.5 million, our second consecutive quarter in excess of $100 million," added Michael Scarpelli, chief financial officer, ServiceNow.

"In addition, we generated $9.7 million in operating cash flow in the quarter."

Financial Outlook

For the third quarter of 2013, ServiceNow has forecast total revenues between $104 and $106 million, representing year-over-year growth between 62% and 65%.

Total third quarter revenue estimate consists of subscription revenues between $88 and $89 million and professional services and other revenues between $16 and $17 million.

For the full year 2013, ServiceNow expect revenues to be in the range of $406 to $410 million, representing year-over-year growth between 67% and 68%.

Total annual revenues estimate consists of subscription revenues between $337 and $339 million and professional services and other revenues between $69 and $71 million.
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