US Stocks Move｜ServiceNow plunges over 17% after earnings, dragging down application software stocks

Glonghui, April 23 | ServiceNow plummeted more than 17% after its earnings report, leading the application software sector decline. HubSpot fell more than 10%, Figma and Salesforce both dropped over 9%, Workday fell more than 8%, and Adobe, Snowflake, and Autodesk each declined more than 7%. On the news side, ServiceNow reported first-quarter subscription revenue of $3.771 billion, a year-on-year increase of 22%. The company pointed out that due to ongoing conflicts, several large deployment deals in the Middle East have been delayed, putting about 75 basis points of pressure on subscription revenue growth. COO Amit Zavery stated that these transactions are expected to be completed gradually within this year, saying, "We don't know when these conflicts will be resolved, but we continue to work with our customers."