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ServiceNow Drops 7%: Q3 Revenue Slightly Misses Street Expectations

As an example of just how wide the miss was, one estimate, from Mizuho SecuritiesAbhey Lamba, was for revenue in a range of $495 million to $500 million.

For the current quarter, the company sees revenue, again, on a non-GAAP basis, in a range of $517 million to $522 million, below consensus for $528.5 million.

Billings” in the quarter came in at $546.1 million, the company said, rising 35%.

CEO John Donahue called it "another strong quarter,” adding that the company’s performance was “great across every region."

CFO Michael Scarpelli noted the company’s $500 million of "subscription billings," up 38%, adding that the company saw "large new deals, including 22 greater than $1 million in net new ACV, 8 of which were to Federal customers.”