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ServiceNow has launched its Now Platform Xanadu and RaptorDB, enhancing its AI capabilities and expanding into the database market. The company reported a 22% revenue growth in Q3, raising its full-year guidance, which reflects strong market relevance and leadership in IT automation. The projected organic revenue growth has been increased to 22%, driven by robust customer growth and new segment expansions.
The introduction of over 350 AI features in the Xanadu platform aims to automate IT workflows and improve productivity for enterprise customers. RaptorDB Pro, a high-performance database, allows for centralized operational data management, complementing ServiceNow's existing offerings. Despite risks associated with high stock-based compensation, the overall outlook remains positive, with a strong buy rating and a target price of $1,100 per share.
• ServiceNow's Xanadu adds over 350 AI capabilities to enhance IT automation.
• RaptorDB Pro centralizes operational data, expanding ServiceNow's database market presence.
AI capabilities refer to the functionalities that enhance automation and efficiency in IT workflows.
A cloud database allows for centralized data management and analytics, improving operational efficiency.
Generative AI involves creating new content or data based on existing information, enhancing user interactions.
ServiceNow specializes in IT service management and automation, leveraging AI to improve business processes.
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