ServiceNow 财报超预期但股价跌 19%，AI 替代 SaaS 席位引发市场恐慌
ServiceNow 季度营收增长 20.5% 并超出预期，但因剩余履约义务增速放缓及市场对 AI 智能体侵蚀传统按席位收费模式的担忧，盘后股价暴跌 19%。尽管其 AI 合同价值目标上调至 17 亿美元，但在近 158 亿美元的订阅收入基数下占比仍小，投资者正密切关注 AI 收入能否抵消核心业务增速下滑。
报道正文
Rohan Paul (@rohanpaul_ai) · 2026-10-29 03
SaaSpocalypse fears sent ServiceNow shares down 19% after hours, even though it beat its own quarterly targets.
Revenue rose 20.5% to $4.106B in the September quarter, down from 24% growth the quarter before.
The sharper worry is current remaining performance obligations, revenue already contracted for the next 12 months, which grew 20.5% to $13.65B.
ServiceNow expects that growth to slow to 18.5% this quarter, even while guiding total revenue to about $4.25B, roughly 23% higher.
AI looks healthier on paper: AI deal volume rose 80% year over year, and the 2026 AI annual contract value target climbed to 1B in January.
Even so, 15.77B of expected 2026 subscription revenue, the seat-based business investors fear AI agents could erode.
ServiceNow now has to show AI revenue growing faster than its contracted revenue slows, and next quarter’s current remaining performance obligations will test exactly that.
