ServiceNow ( NOW -5.37% ) stock is down sharply on Thursday. As of this writing, the workflow software company's shares are near $112, down about 25% from Wednesday's close of $150.13.

That puts the stock on track for its worst day since it went public in 2012. Its biggest one-day drop before today was about 18%, on April 23, 2026.

The sell-off followed the company's third-quarter results after Wednesday's close. And the quarter itself was good. Subscription revenue climbed 21% year over year to $3.99 billion (20.5% in constant currency), beating the high end of management's guidance.

The issue was the outlook. ServiceNow guided for fourth-quarter growth of just 18.5% in current remaining performance obligations (cRPO) -- revenue already under contract that it expects to recognize within a year.

I think the slowdown is worth taking seriously.…