- ServiceNow Inc (NYSE:NOW) announced its first-ever share repurchase program yesterday.
- The company disclosed the authorization to purchase shares up to $1.5 billion for an unspecified period.
- “We are a growth company at heart, and we see a lot of runway ahead to continue investing in innovation to drive strong organic growth in a thoughtful and disciplined manner. Given the current macro environment and our strong cash flow generation, we believe that using a portion of our free cash flow to manage dilution is a strategic use of capital. This program reflects our conviction in the trajectory of our business and our commitment to driving exceptional shareholder value,” stated Gina Mastantuono, CFO.
- As of March 31, 2023, the company had adjusted free cash flow of $737 million.
- Last Month, ServiceNow reported Q1 2023 revenues of $2.10 billion, which marginally exceeded the consensus of $2.08 billion and adjusted EPS of $2.37 surpassed the analyst expectations of $2.04.
- Price Action: NOW shares are trading higher by 1.09% at $473.33 premarket on the last check Wednesday.
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