ServiceNow Stock Soars 51% in 2022, Eyes New Buy Point as Cloud Software Firm Expands AI Offerings

ServiceNow stock has gained 51% in 2022, almost matching Alphabet's 56% gain, and is forming a cup base with a 614 buy point.
The cloud software company has seen steady sales and earnings growth over the past 7 quarters. Q2 revenue was up 23% and EPS gained 46%.
CEO Bill McDermott expects revenue to reach $16 billion by 2026, up from $7.26 billion in 2022.
ServiceNow launched AI initiatives like Generative AI Controller and Now Assist For Search to capture opportunities in artificial intelligence.
Mutual funds own 51% of NOW shares, which ranks No. 1 in the enterprise software industry group.

investors.com

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Posted 9/14/2023, 7:12:00 PM