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- Too Good to Resist: ServiceNow
Too Good to Resist: ServiceNow
ServiceNow is a software company focused on ITSM solutions. The company’s performance is robust despite the surrounding economic troubles. The company has reported revenues up by 24% year-on-year to $2.1 billion in the Q1 2023. The subscription renewal rate is at a fantastic 98%. The company’s management sees further solid perspectives and announced its first ever $1.5 billion buy-back of its stocks. NOW share prices are 30% below their peaks and this is very attractive for long-term investors.
Buy backs are usually an indication of first-grade companies that have solid and strong income sources. ServiceNow is one of these companies. The company has $7.2 billion in cash and equivalents, while its overall debt is at $1.5 billion. The company notes that it has solid demand for its services from all groups of clients, even from the battered banking sector. The company is planning to cut its personnel to boost margins. Margins would also be supported by improvement of client engagement levels.
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