ServiceNow (NYSE: NOW) grew third-quarter subscription revenue 21% to about $4 billion, then guided for slower growth next quarter in its 12-month contracted backlog, known as cRPO. Shares fell about 23% in regular trading Thursday morning. Growth is still solid, but the leading indicator is cooling, and deal-related costs are cutting GAAP earnings nearly in half. CRPO counts contracted revenue due within 12 months, so it leads reported revenue.
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