On July 22, ServiceNow rose 5.8% in after-hours trading, trading at $97.09/share, with turnover of $116 million. The company released its Q2 earnings report after market close, prompting a sharp reversal from the regular session selloff.

Earlier in the day, ServiceNow had plunged over 5% as the software sector continued to absorb the impact of IBM's disappointing Q2 preliminary results, which had weighed on systems software names since July 14. Pre-earnings uncertainty further amplified volatility. Market consensus expected Q2 revenue of $3.928 billion, representing 25.87% year-over-year growth, with adjusted EPS of $0.85. Oppenheimer had previously noted that Q2 activity and demand trends, AI business momentum, and execution remained strong, projecting a 22% revenue increase to $3.93 billion with pro forma EPS of $0.86, suggesting modest upside to consensus. Multiple institutions recently raised price targets, with analysts' average target near $140, maintaining buy ratings.

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