AI 시대 플랫폼 경쟁: Salesforce와 ServiceNow의 플랫폼 전략 비교
Salesforce Vs. ServiceNow: The Platform Play is On as AI Capital Pivots
AI 자본의 전환 흐름 속에서 플랫폼 플레이라는 서사는 플랫폼 리더들에게 긍정적인 순환을 시사합니다.
핵심 요약
Salesforce는 13% 성장한 매출 11.13억 달러를 기록했으며, ServiceNow는 구독 매출 24.5% 성장을 기록했습니다.
(분석 완료)
Original Article
Salesforce Vs. ServiceNow: The Platform Play is On as AI Capital Pivots
Salesforce ( NYSE:CRM | CRM Price Prediction ) and ServiceNow ( NYSE:NOW ) both reported into a market rotating capital out of AI hardware and into the application layer. Salesforce leaned on Agentforce and a $25 billion accelerated buyback . ServiceNow leaned on a $1 billion AI ACV milestone and a security-heavy acquisition spree . Same theme, very different playbooks.
Salesforce delivered $11.13 billion in revenue, up 13%, with non-GAAP operating margin of 34.8% and operating cash flow of $6.7 billion. Agentforce plus Data 360 sit at $3.4 billion in AI and data ARR, and Marc Benioff called Agentic AI “the biggest growth opportunity for our customers, for us at Salesforce.” Marketing and Tableau softness is real, though, and worth watching.
ServiceNow grew faster: subscription revenue of $3.877 billion, up 24.5%, with 123 net-new-ACV deals over $1 million and agentic deployments up 9x in nine months. The tradeoff shows up in GAAP: operating income fell 54.75% as Moveworks, Veza, and Armis amortization landed.
Benioff wants Salesforce to be the agentic CRM of record, and Headless 360 exposes every workflow as an API, MCP, or CLI command. Bill McDermott is building something adjacent: “We are in the control business, one platform, one system of action, any cloud, any agent, any workflow, any model, governed, secured, and accountable.” Over 500 customers are live on AI Control Tower already.
The competitive jabs land in both directions. Salesforce noted McAfee replacing ServiceNow with Agentforce IT Service. ServiceNow claims $2 billion in CRM ACV and Sales CRM deal sizes doubling. Valuation reflects the split: CRM trades at a trailing P/E of 23x, while NOW sits at 75x.
I want to see whether Salesforce can convert Agentforce production customers, up 50% during the quarter, into consumption revenue that offsets Marketing and Tableau drag. For ServiceNow, the tell is whether AI Control Tower and the Armis-anchored security stack can absorb a 6.5-point drop in GAAP subscription gross margin without spooking the buy side. Both stocks have been punished: CRM is down 22.05% YTD, NOW is down 15.30%.
If you believe agentic AI capital is quietly leaving hardware and searching for durable software cash flows, the setup favors CRM here. A 14x forward multiple, $6.7 billion in operating cash flow, and the largest buyback in the company’s history provide more margin for error than the 75x multiple allows. If you prefer the higher-growth, higher-variance path, ServiceNow’s $29 billion RPO and control-tower positioning are compelling. The Armis integration drag is worth monitoring before the multiple resets.
Contact [email protected] for any questions or corrections.