ServiceNow (NOW) down 13% pre-trade · Invest & Retire Community

ServiceNow (NOW) down 13% pre-trade

ServiceNow (NOW) stock plunged 13% in premarket on Thursday, fueling a broader sell-off across software stocks. Other software stocks, including Salesforce (CRM), Oracle (ORCL), and Adobe (ADBE), also traded lower.

What’s behind the move: The enterprise software company met first quarter earnings expectations but said the Middle East conflict delayed some subscription sales.

Subscription revenue for the first three months of the year jumped 22% to $3.67 billion. That expansion would have been higher were it not for the impact of the Middle East conflict, the company said.

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