ServiceNow Becomes the Fastest-Ever Enterprise Software Firm to Break the $2BN Revenue Barrier

Following a successful Q1 earnings results, ServiceNow looks to breaks more records in 2023

ServiceNow Becomes the Fastest-Ever Enterprise Software Firm to Break the $2BN Revenue Barrier
CRMLatest News

Published: April 27, 2023

Rory Greener

Rory Greener

ServiceNow has surpassed a $2BN quarterly revenue for the first time in its history, becoming the fastest enterprise-grade software firm to hit the target.

Indeed, its revenues reached $2.097BN in Q1, rising 22 percent year-on-year.

Notably, the impressive figures indicate that ServiceNow is on track to earn $8.52 billion via its estimations by the end of the year.

These results signal that ServiceNow is pushing into the highest echelon of technology earners – closing in on the $10BN mark.

Only four CX tech vendors have reached this milestone: Microsoft, Salesforce, Oracle, and SAP. ServiceNow is on course to be the next.

Celebrating the results, Bill McDermott, the Chairman and CEO of ServiceNow, stated:

ServiceNow is the end-to-end platform for digital transformation. If all we did was help existing customers consume everything this platform can do, we would stay a fast-growth company.

“But of course, our strategy goes well beyond this as does our proven ability to execute.”

Additionally, ServiceNow is deep in an expansion vision that aims to make its service offerings more accessible to an increased variation of enterprise end-users.

Moreover, in emerging markets, ServiceNow has grown new business operations by 100 percent year-on-year, according to McDermott.

Sharing an example of how the vendor is using this growing geographical footprint to become a single end-to-end digital transformation provider, McDermott explained:

The Schwark Group will digitize its 11,000 stores from retail locations to logistics on ServiceNow as its digital business platform. This transformation will position the Schwartz Group at the forefront of the next-generation retail industry.

In addition, McDermott noted that expanding ServiceNow into new markets sets the “standard for speed of deployment and business value.”

The CEO also recommitted to the firm’s mission “to be the defining enterprise software company of the 21st century.” An ambition that McDermott pledges to “see through to its full completion.”


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