American International Group Earnings: Here’s Why Shares are Down Now
American International Group, I (NYSE:NOW) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.16%.
American International Group, I Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.06 in the quarter versus EPS of $-0.03 in the year-earlier quarter.
Revenue: Rose 80.02% to $102.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: American International Group, I reported adjusted EPS loss of $0.06 per share. By that measure, the company missed the mean analyst estimate of $-0.05. It beat the average revenue estimate of $95.18 million.
Quoting Management: “In the second quarter we added 138 new customers, bringing our cumulative customer count to 1,778 worldwide, achieved a customer renewal rate of 94.2%, and continued to penetrate our installed base with upsells comprising 25% of our total annual contract value signed during the quarter,” said Frank Slootman, president and chief executive officer, ServiceNow. “We also hosted nearly 4,000 attendees at our annual user conference, Knowledge, and announced several key product innovations.”
Key Stats (on next page)…