ServiceNow sees second-quarter, 2014 revenue above estimates, shares up

Reuters

(Reuters) - ServiceNow Inc , which makes software to automate and manage IT services, forecast second-quarter and full-year revenue above Wall Street estimates.

The company also reported better-than-expected first-quarter revenue, helped by the addition of new customers.

ServiceNow shares rose about 4 percent in extended trading after they closed at $53.07 on the New York Stock Exchange.

The company forecast second-quarter revenue of $160-$162 million and full-year revenue of $652-$657 million.

Analysts are expecting second-quarter revenue of $156.7 million and full-year revenue of $644.2 million, according to Thomson Reuters I/B/E/S.

"We... added 134 net new customers and had nine new deals with an annual contract value in excess of $1 million, a record for ServiceNow," Chief Executive Frank Slootman said in a statement.

The company's billings grew 64 percent to $180.8 million.

The company's net loss widened to $43.3 million, or 30 cents per share, in the quarter ended March 31, from $13.4 million, or 10 cents per share, a year earlier.

Excluding items, the company reported a loss of 8 cents per share, in line with the analysts' average estimate.

Revenue rose 62 percent to $139.1 million, beating Wall Street estimates of $134.6 million.

(Reporting by Soham Chatterjee; Editing by Simon Jennings)

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