ServiceNow (NOW) shares plummeted 5.02% during intraday trading on Wednesday, marking a significant decline for the workflow software provider.

The sharp drop represents a continuation of profit-taking activity following the stock's substantial rally earlier this month. ServiceNow had surged over 11% in a single session after raising its full-year revenue target for its Now Assist AI product, and the stock has since entered a sustained correction phase.

Adding to the downward pressure was a sector-wide selloff, with heavyweight Microsoft declining 2.99% during the same session. This weakness across the Systems Software space exacerbated the short-term negative momentum for ServiceNow, despite recent positive partnership announcements.