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$NOW ServiceNow Inc. shares surged the most in almost three years on Thursday after the company reported strong sales and gave a forecast for the current quarter that met expectations, providing reassurance for investors who fear a slowdown in the high-flying software sector.
The stock rose as much as 14.4% to $554.00 as the market opened in New York, after closing the day before at $484.42. It was the biggest intraday gain since January 2019. The stock had declined 30% since hitting a high of $701.73 in early November.
Subscription sales, which make up about 95% of total revenue, jumped 30% to $1.52 billion in the fourth quarter, the Santa Clara, California-based company said Wednesday in a statement. Those sales are expected to increase about 25% year-over-year to $1.62 billion in the period ending in March.