原帖引用 · AI 翻译
尽管 ServiceNow 超过了自身的季度目标，但对“SaaS 末日”的担忧仍使其股价在盘后下跌 19%。
截至 9 月的季度，营收增长 20.5%，至 41.06 亿美元，低于上一季度 24% 的增幅。
更令人担忧的是当前剩余履约义务，即未来 12 个月已签约的收入，增长 20.5%，至 136.5 亿美元。
ServiceNow 预计该指标本季度的增幅将放缓至 18.5%，尽管其给出的总营收指引约为 42.5 亿美元，增长约 23%。
从账面上看，AI 业务表现更好：AI 交易量同比增长 80%，2026 年 AI 年度合同价值目标从 1 月份的 10 亿美元提高至 17 亿美元。
即便如此，与预计 2026 年约 157.7 亿美元的订阅收入相比，17 亿美元仍然很少；投资者担心，AI 智能体可能侵蚀这一按席位收费的业务。
ServiceNow 现在必须证明，AI 收入的增长速度快于其已签约收入增速的放缓速度，而下一季度的当前剩余履约义务将检验这一点。
原文
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 $1.7B from $1B in January. Even so, $1.7B is small beside roughly $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.