ServiceNow's headline numbers looked healthy, but should investors still buy this high-growth cloud stock as rising inflation and higher interest rates spark a rotation toward more conservative investments? ServiceNow's GAAP profits are still a bit bumpy, due to its ongoing investments in its own ecosystem and smaller acquisitions, but its stable gross margins indicate it still has plenty of pricing power in its niche market. However, ServiceNow's rock-solid growth rates, stable margins, improving profitability, and clear plans for the future all justify that higher valuation.