ServiceNow Q3 revenue $4.11B, shares fall over 14% after hours on weak guidance

The gap between a modest revenue beat and a double-digit after-hours selloff shows how little tolerance the market now has for software names that miss on forward sales, even with subscription growth still above 20%. The reaction is less about this quarter's numbers than about what the guidance implies for enterprise software budgets at a moment when AI spending is being reallocated. The read-through matters for the broader SaaS complex, not just ServiceNow. Whether the fourth-quarter outlook proves conservative or marks a genuine demand shift is the open question.