NOWCRMDOGEAIPOCROI

NOW 2Q25:A Quarter Not Likely to Steer Away Market Concerns

FUNDA·2025年7月21日

Channel checks: growth ~20% and CRM momentum, but AI POCs convert slowly amid pricing pushback; concerns stay.

We conducted channel checks with four leading ServiceNow partners this quarter. Overall,channel feedback indicates stable Q2 performance and Q3 outlook,with full-year targets remaining unchanged. On the product side, CRM modules are experiencing the fastest growth and beginning to compete head to head with Salesforce in select segments, while Federal business shows limited DOGE impact. However, Al product adoption continues to progress slowly,which may perpetuate near-term market concerns about Al disruption to seat-based SaaS companies.

Q2 Performance &Q3/FY Outlook - Overall Stable

North America Channel Expert A

  • Q2 slightly below plan (20% YoY vs 22% target), primarily due to macro headwinds and Al product sales below expectations

  • Negative macro impact lingers into Q3 but overall demand remains stable, expecting ~20% growth for both H2 quarters

North America Channel Expert B

  • Met Q2 target around 20%

  • Q3 momentum saw some deceleration and could achieve below plan, but delayed deals should push to Q4 leading to a strong year end

  • Full-year target of 10-20% growth remains unchanged

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