ServiceNow Stock Heads for Its Worst Day in Company History After Earnings

ServiceNow shares were on track for their worst trading day in company history on Thursday, falling about 24% in morning trading as investors worked through the software maker's third-quarter earnings.

The sell-off is a sharp reversal for one of the most closely watched names in enterprise software. ServiceNow sells a platform that large companies and government agencies use to automate internal workflows, and its stock has long been treated as a benchmark for the health of business software spending. A drop of this size erases a large amount of market value in a single session, and moves like this usually mean results or guidance came in below what the market expected.

The source material for this story covers the share move and the earnings timing but not the underlying figures, so this report does not break down revenue, margins or forecasts. Those details, along with management's commentary on demand and the outlook for the rest of the year, will be the focus of analyst notes and the company's filings in the coming days.

For investors, the open question is whether the decline reflects a real change in ServiceNow's growth trajectory or an overreaction to a single quarter. Traders will be watching whether the shares stabilize by the close and whether analysts move to cut their price targets.