Here’s why ServiceNow’s stock soared in a week of dismal tech earnings reports • TechCrunch

If you used to Reader of this post, you probably know it It hasn’t been a great year For many technology stocks – one In which giants Such as deadAnd the amazon, And the the alphabet It was attacked by the markets after less than excellent earnings reports.

Even a powerful company like Salesforce is chasing after it Active investors.

The truth is that very few have been rescued, whether they are start-ups or established public companies. We’ve seen a series of stories about hiring freezes, layoffs announcementsTechnology stocks take bigger hits From the NFL quarterback behind a bad offensive line — in other words, being crushed.

SaaS stocks in particular are hard year, So when a SaaS stock does well, that’s news. And this is what happened to ServiceNow this week when Announced Q32022 earnings.

He beat odds with a mostly positive earnings report — good revenue, good guidance, the whole nine yards — and believe it or not, Wall Street rewarded the company, with the stock up more than 13% at the bell Thursday, a flat number all day. (It was down about 1% so far in today’s trading.)

Maybe we’re not the only ones looking for some good news. Investors might as well. But what led to this positive skew in 2022 earnings? To find out, let’s explore the earnings report and the impact of appointing former SAP CEO Bill McDermott to lead the company.

Look at the numbers

Given the public carnage we’ve seen in the public markets for tech profits in this quarterly cycle – Snap started things With the raspberry, it was quickly followed by the failure of other leading tech stores to meet the stringent expectations of Wall Street — the ServiceNow stock price boom caught our eye and made us curious about what the company had managed to commend investors.