Enterprise workflow software maker ServiceNow (NYSE:NOW) will be reporting earnings tomorrow afternoon. Here's what to look for.

Last quarter ServiceNow reported revenues of $2.44 billion, up 25.6% year on year, beating analyst revenue expectations by 1.5%. It was a very good quarter for the company, with an impressive beat of analysts' ARR (annual recurring revenue) estimates and accelerating growth in large customers. The company added 108 enterprise customers paying more than $1m annually to a total of 1,897.

Is ServiceNow buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting ServiceNow's revenue to grow 23.5% year on year to $2.59 billion, in line with the 21.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $3.13 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates three times over the last two years.

With ServiceNow being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for productivity software stocks, but the segment has been facing declining investor sentiment following the fears around raising interest rates, with the stocks down on average 6.7% over the last month. ServiceNow is down 7% during the same time, and is heading into the earnings with with analyst price target of $845.1, compared to share price of $720.1.

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