A disappointing forecast for fourth-quarter current backlog growth sent ServiceNow (NYSE:NOW) tumbling this week despite management raising full-year artificial intelligence revenue targets. Through the Oct. 29, 2026 close, the stock was down 31%, according to data provided by S&P Global Market Intelligence. ServiceNow stock closed at $109.67 on Thursday, Oct. 29. From the Oct. 23 close on the previous Friday, the S&P 500 gained 1.3%, and the Nasdaq-100 was up 1.5%. In its third-quarter financial results reported Wednesday, Oct. 28, ServiceNow generated $4.1 billion in total revenue, up 20.5% year over year, while subscription revenue rose 21% to nearly $4 billion. Adjusted earnings per share came in at $1.00, missing the $1.02 consensus estimate.
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