ServiceNow CEO says they don't have many rivals

August 3
5:38 AM 2013

ServiceNow continued to sparkle in Wall Street analysts' eyes following its success to maintain its status as a premier growth stock. The enterprise IT cloud corporation's shares rose 6.47% at US$46.40, up thrice as much its average volume per day.

On Wednesday, ServiceNow posted its second quarter earnings that showed an 80% increase to US$102.2 million from last year. The company was able to add 138 new clients resulting to a total of 1,778 customers worldwide. ServiceNow was able to achieve 94.3% client renewal rate. For fiscal 2013, ServiceNow anticipated its revenue to be between the range of U$406 million to US$410 million. The figures signified a year on year growth of between 67% and 68%.

"Our currency is not servers, routers and systems. Our currency work is incidences, problems, changes, progress, task, request. That's our currency. We manage the work of IT, not the infrastructure of IT," ServiceNow's CEO Frank Slootman said when he was interviewed by TheStreet. "Our customers are actually frustrated because it's tough to negotiate with a vendor who doesn't have much competition, you know."

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