Last week, ServiceNow (NOW) reported its third quarter results that continued to surpass market expectations. ServiceNow does not appear to be fazed by macro-economic conditions and provided an outlook that also beat the expectations. ServiceNow’s FinancialsFor the third quarter of the year, ServiceNow’s revenues grew 25% to $2.29 billion, ahead of the market’s forecast of $2.27 billion. EPS of $2.92 grew 49% over the year and were slightly ahead of the market’s estimates of $2.56.By segment, subscription revenues grew 27% to $2.216 billion, ahead of the market’s expected $2.19 billion. Professional and other services revenues came in at $72 million. Current remaining performance obligations grew 27% to $7.43 billion.For the fourth quarter, ServiceNow expects subscription revenues of $2.32-$2.325 billion, compared with the market’s forecast of $2.30 billion. ServiceNow’s AI FocusAI continues to be the buzz word for all tech players. ServiceNow is offering its AI capabilities through the Lighthouse service, which is a Generative-AI powered set of industry-specific offerings that will help improve an organization’s productivity.ServiceNow estimates that its total addressable market for Generative AI will increase by $1 trillion. Lighthouse will target the improvement of its customer’s productivity by customizing applications to their specific industries. As part of this initiative, ServiceNow is already engaged with several expanded partnerships and product releases.Last quarter, it launched its Vancouver Platform release, which embedded generative AI across all workflows on the Now Platform. Now Assist expands generative AI capabilities to maximize productivity, improve agility, and drive cost efficiency. It comes with AI features such as case, incident, and agent chat summarization, virtual agent, and search capabilities, and the Generative AI Controller. To power these features, ServiceNow also released a domain-specific ServiceNow large language model (Now LLM) that has been built for the enterprise.As part of its partnership expansion, it recently announced a tie-up with Deloitte to integrate Now Assist with next-generation managed services. As part of the alliance, the two companies will work together to provide end-to-end managed services. Known as Operate services, the partnership will aim to successfully integrate Deloitte’s domain and industry experience with ServiceNow’s generative AI-enabled enterprise platform. Some of the use cases for this service will include capabilities of organizations to improve incident management, customer service management, and service delivery for key functions such as HR.Meanwhile, its stock is trading at $562.58 with a market capitalization of $115.4 billion. It touched a 52-week high of $614.36 in July and a 52-week low of $351.25 in October last year.More By This Author:Cloud Stocks: IBM’s Growing Generative AI InvestmentsMicrosoft Begins Monetizing AIPeople.ai Leverages GenerativeAI To Make Selling Simple