ServiceNow (NOW) Enhances GenAI With NVIDIA Partnership
ServiceNow NOW is benefiting from its partnership with NVIDIA NVDA, leveraging advanced generative AI capabilities to transform digital workflows.
Through access to NVIDIA NIM inference microservices, ServiceNow enhanced its Now LLMs (Large Language Models), enabling faster, scalable and cost-effective deployment across various use cases. The collaboration marks a significant milestone in ServiceNow's commitment to empowering enterprises with advanced AI solutions.
With initiatives like AI Lighthouse and offerings like Now Assist for Telecommunications Service Management, ServiceNow is driving transformative outcomes for its customers, improving operational efficiency and employee experience alike.
As ServiceNow continues to evolve its generative AI portfolio, the company is poised to deliver even greater value, driving tangible business results, and solidifying its position as a leader in digital transformation.
ServiceNow, Inc. Price and Consensus
ServiceNow, Inc. price-consensus-chart | ServiceNow, Inc. Quote
ServiceNow Benefits From Expanding Portfolio
ServiceNow is benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation. NOW had 1897 total customers with more than $1 million in annual contract value at the end of the fourth quarter.
This customer expansion has been further fueled by ServiceNow's expanding generative AI portfolio, which is a driving force behind its prospects.
In February, ServiceNow, in collaboration with Hugging Face and NVIDIA, introduced StarCoder2, a family of large language models for code generation. This collaboration marks a significant advancement in AI-driven coding capabilities, further enhancing NOW's position in the market.
The strong partner base of ServiceNow, which includes Amazon.com AMZN and DXC Technology DXC, has been a key catalyst.
In the fourth quarter of 2023, NOW collaborated with DXC, aiming to integrate ServiceNow's advanced analytics and enhanced AI capabilities into DXC Platform X.
ServiceNow also announced a five-year collaboration agreement with Amazon Web Services (AWS) to provide the ServiceNow Platform and comprehensive suite of solutions on the AWS Marketplace.
AMZN and DXC will co-develop and launch industry-specific, AI-powered applications.
ServiceNow also expanded its partnership with EY to promote responsible AI adoption, deliver unified solutions for AI compliance and governance and introduce AI-enhanced experiences via ServiceNow Now Assist for EY employees and clients.
In line with its commitment to enhancing automation and AI capabilities, ServiceNow acquired UltimateSuite, a task mining company, in the fourth quarter of 2023. This acquisition enables ServiceNow's customers to identify process bottlenecks and improve operational efficiencies, further strengthening its position as a leader in digital transformation solutions.
The Zacks Rank #2 (Buy) company reflects a robust generative AI portfolio and an expanding partner base contributing to its growth prospects continuously, thereby driving top-line growth. You can see the complete list of today’s Zacks #1 Rank stocks here.
For the first quarter of 2024, subscription revenues are projected between $2.51 billion and $2.515 billion, suggesting an improvement in the range of 24.5-25% year over year on a GAAP basis. At cc, subscription revenues are expected to grow in the 23.5-24% range.
The Zacks Consensus Estimate for first-quarter 2024 revenues is pegged at $2.58 billion, indicating 23.20% year-over-year growth. The consensus mark for earnings is pegged at $3.13 per share, unchanged over the past 30 days.
cRPO is expected to grow 20% year over year on both non-GAAP and GAAP basis, indicating significant strength in federal business.
ServiceNow shares have returned 1.5% compared with the Zacks Computer & Technology sector’s rise of 7.5% year to date.
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