ServiceNow (NOW) just delivered a quarter that had investors clicking the buy button after hours. The enterprise software company beat analyst estimates on both the top and bottom lines, and threw in a few extra surprises for good measure.

Let's start with the numbers. ServiceNow reported earnings of $0.90 per share for the second quarter, comfortably above the Street's $0.85 estimate. Revenue came in at $3.99 billion, beating the $3.93 billion consensus and climbing from $3.22 billion in the same quarter last year. That's a 24% jump — not bad for a company that's already a giant.

The real story, though, is in the subscription numbers. Subscription revenues hit $3.88 billion, representing 24.5% year-over-year growth (23% in constant currency). The company's remaining performance obligations — a fancy term for contracted future revenue — stood at $29 billion, up 21% from last year. Current RPO, which is the portion expected to be recognized in the next 12 months, was $13.2 billion, also up 21%.

But the headline-grabbing stat is this: ServiceNow's AI business crossed $1 billion in annual contract value in the second quarter. That's a big deal, and it shows that the company's bet on embedding AI into its workflow automation platform is paying off.

CEO Bill McDermott was, unsurprisingly, feeling good about things. "ServiceNow's exceptional Q2 results solidify our position as the fastest-growing major enterprise software and cybersecurity company," he said. Then he dropped a bit of jargon that actually means something: "The company's sterling fundamentals have us operating to the Rule of 56, well on our way to the Rule of 60."

For the uninitiated, the Rule of 40 or 60 is a metric that combines revenue growth and profit margins — the higher the number, the better the balance between growth and profitability. A Rule of 56 means ServiceNow is growing fast while also being quite profitable, and McDermott is signaling that there's room to improve.

Investors liked what they heard. ServiceNow stock was up 4.78% to $100 in Wednesday's extended trading session. That's a nice pop for a company that's already been on a tear.

The company also raised its full-year subscription revenue outlook, suggesting management sees more of the same ahead. With AI becoming a bigger part of the story, ServiceNow is positioning itself as a key player in the enterprise AI wave — and the market seems to be buying it.