Yahoo Finance ServiceNow (NOW) Boosts Portfolio With DROPS Mobile App Launch
ServiceNow NOW recently collaborated with the City of Reno and NewRocket to launch DROPS (Direct Resource Outreach & Placement Service), an advanced mobile application designed to transform outreach efforts for assisting unsheltered individuals.
The DROPS app features profile collection for demographic insights, encounter and journey tracking for comprehensive case histories, case and task management for streamlined service delivery and robust reporting and analytics powered by ServiceNow’s AI capabilities.
By harnessing ServiceNow’s AI capabilities, DROPS transforms outreach data into actionable insights, enhancing decision-making and enabling targeted support for Reno’s unsheltered community.
Strong Partner Base Aids NOW’s Prospect
The latest move is in sync with ServiceNow’s mission to drive social impact through technology, enhancing outreach efforts with the DROPS mobile application for supporting unsheltered individuals.
ServiceNow, Inc. Price and Consensus
ServiceNow, Inc. price-consensus-chart | ServiceNow, Inc. Quote
Its expanding portfolio has been a key catalyst for NOW’s prospects. In May, ServiceNow announced new AI-powered capabilities to enhance employee experiences, supercharge talent development and optimize in-person work.
ServiceNow’s advanced AI-powered portfolio is helping the company rapidly expand its clientele. NOW ended first-quarter 2024 with 1933 total customers with more than $1 million in annual contract value (ACV).
A strong partner base that includes the likes of Microsoft MSFT, NVIDIA NVDA, International Business Machines IBM and Equinix is strengthening NOW’s AI capabilities.
In May, ServiceNow expanded its collaboration with Microsoft, integrating ServiceNow Now Assist and Microsoft Copilot to enhance enterprise productivity through seamless AI-driven experiences across platforms like Microsoft Teams and ServiceNow workflows.
ServiceNow showcased AI avatars powered by NVIDIA’s Avatar Cloud Engine, enhancing customer and employee interactions through lifelike digital characters and advancing workflow engagements.
ServiceNow also announced a collaboration with IBM to integrate IBM watsonx into its Now Platform, enhancing GenAI capabilities to boost enterprise productivity and workflow efficiency.
Conclusion
The stock has rallied 39.7% year to date compared with the Zacks Computer & Technology sector’s rise of 40.7%. The underperformance was caused by challenging macroeconomic conditions, including persistent inflation that lengthened deal closure timings.
Nevertheless, ServiceNow’s robust portfolio and expanding AI capabilities are expected to continue gaining customers and boost top-line growth.
This Zacks Rank #3 (Hold) company reported revenues of $2.60 billion, which increased 24.2% year over year. At constant currency (cc), revenues increased 24% year over year to $2.597 billion. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for the second quarter of 2024 revenues is pegged at $2.61 billion, indicating 21.22% year-over-year growth.
The consensus mark for earnings is pegged at $2.85 per share, which remained unchanged in the past 30 days.
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