ServiceNow Inc ( NOW ) shares are trading lower Thursday after the company reported soft financial results for the fourth-quarter. Here’s what you need to know.

Q4 Revenue: $2.957 billion, versus estimates of $2.961 billion

Q4 Adjusted EPS: $3.67 per share, in line with estimates

Total revenue and subscription revenue was up 21% on a year-over-year basis. Remaining performance obligations totaled $10.7 billion at quarter’s end, up 19% year-over-year. ServiceNow ( NOW ) said it now has nearly 500 customers with more than $5 million in annual contract value, representing 21% year-over-year growth.

"AI is fueling a top-to-bottom re-ordering of the enterprise technology landscape. Leaders are embracing the ServiceNow Platform as their AI agent control tower to unlock exponential productivity and seamlessly orchestrate end-to-end business transformation," said Bill McDermott, chairman and CEO of ServiceNow ( NOW ).

"We are still in the early days of a massive opportunity. ServiceNow's ( NOW ) innovation, growth, and profitability put us in a class of one."

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ServiceNow ( NOW ) expects first-quarter subscription revenue of $2.995 billion to $3 billion. The company expects full-year subscription revenue of $12.635 billion to $12.675 billion.

ServiceNow’s board authorized additional share repurchases of up to $3 billion. The company had $266 million remaining under its existing buyback at quarter's end.

ServiceNow ( NOW ) also announced expanded partnerships with Visa, Oracle, Google Cloud and SoftwareOne.

Following the company’s quarterly results, Needham analyst Mike Cikos maintained ServiceNow ( NOW ) with a Buy and raised the price target from $1,150 to $1,200. JMP Securities analyst Patrick Walravens reiterated a Market Outperform rating and maintained a price target of $1,300.

NOW Price Action: ServiceNow ( NOW ) shares were down 11.4% at $1,013.95 at the time of publication Thursday, according to Benzinga Pro.