ServiceNow NOW recently joined forces with the City of Reno and NewRocket to unveil DROPS (Direct Resource Outreach & Placement Service), an avant-garde mobile application aimed at revolutionizing outreach initiatives to assist unsheltered individuals.
The DROPS app incorporates profile collection for demographic insights, encounter and journey tracking for in-depth case histories, case and task management for efficient service delivery, and robust reporting and analytics driven by ServiceNow’s AI prowess.
By leveraging ServiceNow’s AI capabilities, DROPS converts outreach data into actionable insights, elevating decision-making and facilitating targeted support for Reno’s unsheltered population.
Solid Partner Ecosystem Boosts NOW’s Outlook
This recent development aligns with ServiceNow’s commitment to leveraging technology for social impact, enriching outreach endeavors through the DROPS mobile app to aid the unsheltered.
ServiceNow, Inc. Price and Consensus
Its expanding array of services has been a vital driver of NOW’s potential. In May, ServiceNow unveiled new AI-driven features to enhance employee experiences, bolster talent development, and optimize in-person operations.
ServiceNow’s advanced AI-infused portfolio is instrumental in accelerating its client base expansion. As of the first quarter of 2024, NOW boasted 1,933 total customers generating more than $1 million in annual contract value (ACV).
An impressive partner lineup including titans like Microsoft MSFT, NVIDIA NVDA, International Business Machines IBM, and Equinix is fortifying NOW’s AI capabilities.
In a significant move, ServiceNow deepened its collaboration with Microsoft, integrating ServiceNow Now Assist and Microsoft Copilot to ameliorate enterprise productivity by delivering seamless AI-driven experiences across platforms such as Microsoft Teams and ServiceNow workflows.
ServiceNow’s unveiling of AI avatars powered by NVIDIA’s Avatar Cloud Engine enhances customer and employee interactions through lifelike digital avatars, advancing engagement within workflows.
Furthermore, ServiceNow announced a partnership with IBM to infuse IBM watsonx into its Now Platform, augmenting GenAI capabilities to enhance corporate productivity and workflow efficiency.
In Conclusion
The stock has surged 39.7% year-to-date, lagging behind the Zacks Computer & Technology sector’s 40.7% climb. This underperformance can be attributed to challenging macroeconomic conditions, including persistent inflation causing delays in deal closures.
However, ServiceNow’s robust portfolio and expanding AI capabilities are poised to continue attracting customers and driving top-line growth.
This Zacks Rank #3 (Hold) firm posted revenues of $2.60 billion, marking a 24.2% year-over-year increase. Adjusted for constant currency (cc), the revenue escalated 24% year over year to $2.597 billion.
The Zacks Consensus Estimate for the second quarter of 2024 projects revenues of $2.61 billion, suggesting a 21.22% year-over-year growth.
The consensus forecast for earnings stands at $2.85 per share, unchanged over the last 30 days.
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ServiceNow, Inc. (NOW) : Free Stock Analysis Report