On July 23, ServiceNow rose 3.06% in regular trading, trading at $95.97/share, with turnover of $534 million. The rally follows the company's Q2 earnings release the prior evening, which delivered results that comprehensively exceeded market expectations.

ServiceNow reported Q2 revenue of $3.987 billion, surpassing the consensus estimate of $3.928 billion, representing 24% year-over-year growth. Adjusted EPS came in at $0.90, beating the $0.85 estimate by approximately 5.9%. Driven by sustained AI-powered software demand, the company raised its full-year subscription revenue guidance to $15.76 billion to $15.78 billion. The strong results effectively reversed negative sentiment that had built up after IBM's preliminary Q2 results missed expectations, which had previously dragged ServiceNow down over 5%.

Additionally, ServiceNow announced a multi-year strategic partnership with TeamViewer to integrate remote connectivity solutions into its AI platform, and expanded its AI agreement with Experian. Evercore ISI raised its price target to $160 from $150, maintaining an Outperform rating, while Jefferies lifted its target to $140 from $135.

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