ServiceNow Slips After Cutting Sales Forecast on Dollar, Demand

ServiceNow Inc., a maker of business workflow software, declined in extended trading after reducing its full-year revenue forecast on the strength of the dollar and a potential pull back in demand.

Annual subscription revenue, which makes up the overwhelming majority of company sales, will increase 24% to a midpoint of $6.92 billion, the Santa Clara, California-based company said Wednesday in a statement. In April, ServiceNow projected full-year sales growth of 26%, with a midrange of $7.03 billion. The company said currency fluctuations would cost $220 million in 2022 revenue.