Summary:
- ServiceNow, a leading cloud-based IT management software company, has seen its stock price drop by 50% over the past year.
- Despite reporting strong earnings, the company's stock has been impacted by the broader market downturn and concerns about the "death of SaaS" (Software as a Service) business models.
- The article discusses the challenges faced by SaaS companies in the current economic climate, including rising interest rates, inflation, and a potential recession, which have led to a shift in investor sentiment towards these types of businesses.