ServiceNow Stock Has Worst Day Ever on Disappointing Sales

ServiceNow Inc. shares plunged the most ever after the provider of software for business tasks reported results that disappointed investors and said some sales deals have been delayed by the war in the Middle East.

Subscription revenue rose 22% to $3.67 billion in the quarter ended March 31, about in line with analysts’ average estimate compiled by Bloomberg. That expansion rate would have been nearly 1 percentage point higher if not for “delayed closings of several large on-premise deals in the Middle East, due to the ongoing conflict in the region,” the company said Wednesday in a statement.