Federal Business PerformanceEarly indications show that US Federal business, previously a strong contributor, is not performing as expected.
Product Demand & Market FitCurrent areas of weakness are in Finance and Supply Chain due to poor product fit and lack of demand, and Retail.
Valuation ConcernsServiceNow trades at a relatively rich valuation of about 15x EV/NTM Recurring Revenue, leaving little room for hiccups.