企业软件公司ServiceNow（NOW）在夜盘交易中大幅下跌11.90%，引发了市场的广泛关注。
消息面上，此次下跌主要受到多重因素影响。首先，公司披露其第一季度订阅收入增长受到中东地区数笔大型本地部署交易延迟完成的影响，约造成75个基点的增长阻力。首席执行官在电话会议中确认，中东地区持续冲突导致的主权云协议推迟签署，直接影响了当季的整体营收表现。
其次，尽管公司公布的2026财年第一季度调整后每股收益和营收均略超市场预期，但超预期幅度极为有限。此前因分析师背书及AI需求信号提振，该股已累计上涨，市场在乐观预期兑现后选择获利了结，加剧了抛售压力。
此外，市场对人工智能工具可能颠覆传统软件业务模式的担忧持续存在，摩根大通报告指出ServiceNow已成为对冲基金的热门空头标的，做空情绪进一步打压了股价。公司以77.5亿美元收购网络安全公司Armis带来的短期利润率压力，也令投资者感到忧虑。
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