ServiceNow Inc NOW reported fourth-quarter financial results after the market close on Wednesday. Here’s what you need to know from the report.

What Happened: ServiceNow reported fourth-quarter revenue of $2.957 billion, missing the consensus estimate of $92.961 billion. The company reported fourth-quarter adjusted earnings of $3.67 per share, in line with analyst estimates, according to Benzinga Pro.

Total revenue was up 21% year-over-year. Subscription revenues were up 21% year-over-year. ServiceNow said it had remaining performance obligations of $10.7 billion at quarter's end, up 19% year-over-year. The company noted that it now has nearly 500 customers with more than $5 million in annual contract value, representing 21% year-over-year growth.

“AI is fueling a top-to-bottom re-ordering of the enterprise technology landscape. Leaders are embracing the ServiceNow Platform as their AI agent control tower to unlock exponential productivity and seamlessly orchestrate end-to-end business transformation,” said Bill McDermott, chairman and CEO of ServiceNow.

“We are still in the early days of a massive opportunity. ServiceNow’s innovation, growth, and profitability put us in a class of one.”

ServiceNow said its board authorized additional share repurchases of up to $3 billion. The company had $266 million remaining under its existing buyback at the quarter’s end.

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What’s Next: ServiceNow expects first-quarter subscription revenue of $2.995 billion to $3 billion. The company expects full-year subscription revenue of $12.635 billion to $12.675 billion.

Management will hold a conference call to further discuss the quarter at 5 p.m. ET.

What Else: ServiceNow announced expanded partnerships with Visa, Oracle, Google Cloud and SoftwareOne in multiple press releases issued around the same time earnings came out.

NOW Price Action: ServiceNow shares were down 9.24% in after-hours, trading at $1,038 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Shutterstock.