ServiceNow Q1 Beats Estimates but Stock Crashes 14% — Iran War Delays $200M+ in Enterprise Deals, AI Revenue Target Raised to $1.5B

CNBC·high signal

ServiceNow reported Q1 subscription revenue of $3.67B (+22% YoY), beating guidance, and raised its AI revenue target from $1B to $1.5B for 2026. Despite the beat, shares plunged 14% after-hours — wiping ~$15B in market cap — after management disclosed a 75 basis point headwind from Iran-conflict deal delays. CEO Bill McDermott dismissed AI-native competitors as 'parlor tricks,' even as the company pivots its pitch entirely to agentic AI metrics like cRPO ($12.64B, +22.5% YoY).