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Additional Reading from MarketBeat Media
ServiceNow's 18% Drop: AI Fears Continue, But May Be OverblownAuthored by Leo Miller. Date Posted: 4/24/2026. 
Key Points
- ServiceNow has seen several large swings in its share price during 2026 as investors weigh how AI will ultimately affect the company.
- ServiceNow's results were solid, with markets likely overreacting to mixed guidance.
- Analysts continue to eye a large recovery despite lowering targets.
- Special Report: Nobody Understands Why Trump Is Invading Iran (here’s the answer)
Over the past several months, software giant ServiceNow (NYSE: NOW) has been one of the most hotly debated tech stocks in the market. The swings in NOW’s share price illustrate that debate. After ending 2025 near $150, the stock fell to $100 by early February, recovered to nearly $125 a month later, dropped below $85 by early April and then climbed back above $100 in the following two weeks.
Following its latest earnings report, ServiceNow plunged again — an approximately 18% single-day drop that sent shares to roughly $85. Much of the stock’s 2026 volatility centers on one question: how will artificial intelligence (AI) tools affect the growth outlook for incumbent software companies? Below is a look at where ServiceNow stands, given the information investors have today. Understanding ServiceNow’s Volatility: The AI DebateThe rising capabilities and adoption of AI tools are a major driver of ServiceNow’s volatility. Many investors worry that a lower barrier to entry for coding will allow customers to build internally what they previously outsourced to vendors like ServiceNow. Similarly, AI agents could automate tasks that once required the company’s platform. Some investors are selling based on that fear; others are buying the dips, believing the concern is overblown. Those opposing views likely explain much of the stock’s price swings. Broader market turmoil tied to the conflict in the Middle East — which has added volatility across equities — is another important factor. With AI evolving rapidly, it’s hard to know which view will prevail. But looking at ServiceNow’s fundamentals can help determine whether the market is pricing in excessive pessimism. Puts and Takes: ServiceNow Beats, But Organic Growth Outlook Faces ScrutinyIn its latest quarter, ServiceNow delivered another solid report. Revenue was $3.77 billion, up more than 22% year over year — consistent with the company’s growth over the past two years and modestly above the $3.75 billion consensus. Adjusted EPS was $0.97, a 20% year-over-year increase and in line with expectations. The company posted an operating margin of 32%, about 50 basis points above guidance, which management attributed to AI-driven expense efficiencies. ServiceNow nudged full-year guidance higher, but organic growth guidance was essentially unchanged. The midpoint of full-year subscription revenue guidance was increased by $205 million to $15.775 billion; however, most of that uplift reflects the recently closed acquisition of Armis, which management expects to contribute roughly 125 basis points to growth during the year. Management also inserted caution into its outlook because of uncertainty tied to the conflict in the Middle East. That appears reasonable: delays in Middle Eastern deals were a roughly 75-basis-point headwind to Q1 growth. The company lowered its margin guidance to reflect the Armis acquisition, projecting a full-year operating margin of 31.5% and a free cash flow margin of 35% — 50 and 100 basis points lower, respectively, than prior guidance. That change is understandable given integration costs that typically accompany acquisitions. Analysts Eye Big-Time Upside After ServiceNow’s FallServiceNow also reported continued momentum in its AI products. The number of customers spending $1 million or more in annual contract value (ACV) on its Now Assist platform rose 130% year over year. Management reiterated its goal of surpassing $1 billion in Now Assist ACV in 2026 and added, “We might have understated that a little bit. We're already talking about $1.5 billion now.” Management believes corporate AI lab spending is largely incremental rather than cannibalistic. As the company put it, “customers are spending a lot on AI, but that is incremental. It is not replacing what they're spending on us.” Given ServiceNow’s current growth, that appears to be true for now. The company also emphasized that recent AI-related acquisitions should bolster its offerings. ServiceNow said, “We just got them, and we're building out the story with them, and they're going to set the world on fire with reaccelerating revenue growth." After the sell-off, shares trade at levels that require only modest long-term growth assumptions. The market appears to be pricing in a scenario where AI has a materially negative net impact on the company. With AI fears elevated, the post-earnings reaction felt more panic-driven than justified; around $85, NOW’s long-term outlook looks skewed to the upside. Even after some analysts trimmed targets post-earnings, the consensus view remains constructive. The average of price targets updated after the report is about $145 — implying more than 65% upside from current levels — and is only slightly below the MarketBeat consensus price target near $150. That said, AI-related concerns are likely to keep the stock volatile in the near term. . |
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