$ServiceNow(NOW)$ ServiceNow's selloff looks driven by sentiment more than fundamentals. EPS missed by just two cents, which management attributed to acquisition-related interest costs. Revenue still grew 20.5% to $4.11B, and the 2026 subscription outlook was nudged higher. Remaining performance obligations of $29.7B (+22%) give strong revenue visibility. AI annual contract value rose to a $1.7B target, up about 70% since January, and customers spending over $5M each grew 23%. Q4 guidance implies growth of roughly 22.5-23%. After the drop, the trailing P/E is far below its five-year median. For long-term investors, a quality platform with sticky enterprise workflows at a sharply lower price is a rational accumulation opportunity.
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