San Diego Business Journal

ServiceNow Loses $8.7M in Quarter; Revenue Rises 93 Percent

By Mike Allen Friday, August 3, 2012

ServiceNow Inc., the San Diego provider of cloud-based information technology services to large corporations, reported a second quarter net loss of $8.7 million, compared with a net profit of $2 million in the like quarter of 2011.

Revenue for the quarter, the first results since the company’s initial public offering in June, was $56.8 million, up 93 percent from the like quarter of last year, and up 20 percent from the first quarter.

For the third quarter, the company said it expects revenue to come in at $61 million to $63 million, giving it a year-over-year growth of 78 to 84 percent.

For the full year, ServiceNow said it expects revenue to be in a range of $233 million to $237 million.

Shares of the company that debuted on the New York Stock Exchange under the ticker NOW at $18 were still moving up, and gained nearly 5 percent Aug. 2 when they closed at $29.08. That gave the company a market capitalization of $3.5 billion.