ServiceNow 财报超预期，盘后股价仍跌 19%
SaaSpocalypse fears sent ServiceNow shares down 19% after hours, even though it beat its own quarterly targets.
ServiceNow 在 9 月季度营收同比增长 20.5% 至 41.06 亿美元、超过自身季度目标，但盘后股价仍下跌 19%，市场担忧 AI 智能体侵蚀其按席位收费的 SaaS 业务。未来 12 个月已签约收入同比增长 20.5% 至 136.5 亿美元，公司预计本季度该增速放缓至 18.5%，同时总营收指引约 42.5 亿美元、增长约 23%。AI 交易量同比增长 80%，2026 年 AI 年度合同价值目标从 1 月的 10 亿美元上调至 17 亿美元，但相比 2026 年约 157.7 亿美元的订阅收入预期仍然很小。
正文
SaaSpocalypse fears sent ServiceNow shares down 19% after hours, even though it beat its own quarterly targets.
Revenue rose 20.5% to $4.106B in the September quarter, down from 24% growth the quarter before.
The sharper worry is current remaining performance obligations, revenue already contracted for the next 12 months, which grew 20.5% to $13.65B.
ServiceNow expects that growth to slow to 18.5% this quarter, even while guiding total revenue to about $4.25B, roughly 23% higher.
AI looks healthier on paper: AI deal volume rose 80% year over year, and the 2026 AI annual contract value target climbed to $1.7B from $1B in January.
Even so, $1.7B is small beside roughly $15.77B of expected 2026 subscription revenue, the seat-based business investors fear AI agents could erode.
ServiceNow now has to show AI revenue growing faster than its contracted revenue slows, and next quarter’s current remaining performance obligations will test exactly that.