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Based in Canada
Company profile

Faircourt Gold Income Corp. (the Fund) is a Canada-based company, which provides a lower volatility investment solution for Canadian investors in the precious metals sector. The Company invests in gold equities which include senior and intermediate gold producers. Faircourt Asset Management Inc. (the Manager) is the Investment Advisor for the Company and is responsible for managing the affairs and providing portfolio management services to the Company. The Company has been created to provide investors with exposure to the global companies primarily involved in gold exploration, mining or production, while also providing a tax efficient yield in the form of monthly distributions. The Company’s investment objectives are to provide Shareholders with monthly distributions, initially targeted to yield 5% per annum, and the opportunity for capital appreciation.

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ServiceNow stock slips as earnings forecast fails to wow Wall Street

8:12 am ET October 28, 2021 (MarketWatch)
Print

By Jeremy C. Owens and Jon Swartz

Analysts were expecting blowout forecast for the holiday season, but software company's guidance is only in-line with the average expectation

A previously published version of this story incorrectly reported the number of ServiceNow's top deals including four or more products. The story has been corrected.

ServiceNow Inc. shares fell in late trading Wednesday despite an earnings beat, as the software company's holiday-season guidance did not handily beat expectations as some analysts expected.

ServiceNow (NOW) reported third-quarter earnings of $63 million, or 31 cents a share, on sales of $1.51 billion, up from $1.15 billion a year ago. After adjusting for stock compensation and other effects, the cloud-software company reported earnings of $1.55 a share, up from $1.21 a share a year ago.

Analysts on average expected adjusted earnings of $1.39 a share on sales of $1.48 billion, according to FactSet.

Investors tend to judge ServiceNow on its subscription revenue, which comprises nearly its entire sales total, and billings, which represents contracted revenue in the quarter. In the third quarter, ServiceNow reported subscription revenue of $1.43 billion and subscription billings of roughly $1.38 billion, while analysts were expecting $1.41 billion and $1.32 billion, respectively.

As ServiceNow expands beyond standard IT deals and into digital transformation contracts, the value of new deals is increasing. This quarter, the company reported 63 new deals of more than $1 million in annual contract value, up 50% year-over-year. More important, all of the company's top 20 deals in the third quarter included four or more products.

"There is need for a new technology foundation among [chief information officers]," ServiceNow Chief Executive Bill McDermott told MarketWatch late Wednesday. "Some 500 million new applications will need to be built by enterprises in the next two and a half years. There are not enough engineers in the world to do that; ServiceNow offers a hyper-automation layer" to achieve it.

ServiceNow shares declined 4% in extended trading following the release of the results, after closing with a 1.8% decline at $664.76. The disappointment seemed to stem from an in-line forecast that analysts had highlighted as the most important offering within the report, while looking for a big beat.

Heading into the print, analysts reported whispers that the fourth quarter would be more important to the company's second-half performance than the third. UBS analysts wrote earlier this week that "ServiceNow has already prepped the Street to expect more of a 4Q skew," and Jeffries analysts wrote that "the buy-side is primarily focused on 4Q guidance."

"With ServiceNow's valuation near [all-time highs], investors seem focused on whether ServiceNow can deliver robust 4Q guidance against a tough compand already-high expectations," wrote the Jefferies analysts, who have a buy rating and $675 price target on the stock.

ServiceNow guided for fourth-quarter subscription revenue of roughly $1.52 billion and billings of roughly $2.31 billion, while analysts an average were expecting $1.51 billion and $2.31 billion respectively, according to FactSet.

ServiceNow's stock has gained 20.6% so far this year, slightly behind the gain of 21.8% for the S&P 500 index , which counts ServiceNow as a component.

Contributing: Jon Swartz.

-Jeremy C. Owens

	

(END) Dow Jones Newswires

October 28, 2021 08:12 ET (12:12 GMT)

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