ServiceNow (NOW) just delivered the kind of results in the first quarter that usually send a stock higher. Revenue and earnings beat estimates, subscription growth exceeded 20%, and management raised full-year guidance.

Yet shares plummeted 18% in a single day.

Investors are concerned about how AI will impact the company’s organic growth, margins, and valuation multiple going forward.

ServiceNow’s biggest positive Q1 development was the raised full-year subscription revenue outlook to $15.735-$15.775 billion, which implies 22-22.5% year-over-year growth for the full year, after Q1 subscription revenue rose 22% to $3.671 billion.

But in the market’s eyes, the good news ended there, with the stock crashing nearly 18% on…