San Diego Business Journal

ServiceNow Takes Loss, Sees 81 Percent Growth

Friday, April 26, 2013

ServiceNow Inc., the San Diego provider of information technology services through cloud systems, reported a first quarter net loss of $13.4 million, compared with a net loss of $5.6 million for the like quarter of 2012.

Revenue for the quarter was $85.9 million, a gain of 81 percent over the prior year’s first quarter, and an increase of 14 percent from the fourth quarter of 2012.

CEO Frank Slootman said the company exceeded its previously stated outlook for the first quarter in both revenue and operating earnings per share, added 128 net new customers and had a customer renewal rate of 96 percent.

In the second quarter, ServiceNow forecast total revenue between $94 million and $96 million, representing year over year growth of 66 to 69 percent.

The net loss for the quarter is expected to come in between 6 cents to 4 cents per share.

For the full year the company said its revenue should finish in a range of $394 million to $398 million, representing an annual increase of 62 to 63 percent.

— SDBJ Staff Report