A Basing Growth Stock, And Google's Cloud Computing Quest
Cloud computing continues to drive a number of the leading growth segments of the stock market.
Amazon.com, Adobe and Microsoft all carry a cloud computing premium. Others like ServiceNow and growth stock peers including Workday and Salesforce.com are more pure-play cloud computing names.
ServiceNow shares aced a 37% gain in 2018. That was despite easing in the fourth quarter, after sprinting ahead 58% through September. The stock has been basing since that September pullback.
The Santa Clara, Calif.-company has turned in an unbroken chain of double-digit or better earnings and revenue growth running back to September, 2014. Estimates for the fourth quarter call for an 83% rise in earnings and a 31% revenue gain.
On the earnings line that is just above the company’s average over the past four quarters. On the revenue line, it would mark a slight slowdown.
But ServiceNow plans to report next Wednesday, after the stock market closing bell. A January 16 note from Piper Jaffray analyst Alex Zukin projects the company will outperform expectations in terms of subscription and bookings revenue.
That would point to a slight beat vs. consensus views in overall revenue. And that gain could be mitigated by somewhat weak guidance. About a third of ServiceNow’s revenue comes from overseas, and currency exchange factors could weigh on the company’s outlook, pressuring revenue and operating margin guidance below consensus views.
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