Cloudflare Company (NYSE: NET) It announced its first-quarter financial results after the bell on Thursday. here the details.
Cloudflare reported quarterly earnings of 16 cents per share, which beat analyst estimates of 13 cents by 23.08%. The company closed quarterly sales of $378.6 million, which beat analysts' estimates of $373.09 million. It represents a growth of 30.47% over the same period of the previous year.
Free cash flow was $35.6 million, or 9% of revenue, compared to $13.9 million, or 5% of revenue, in the first quarter of 2023. Cash and cash equivalents totaled $1.716 billion as of March 31, 2024.
“Q1 saw a strong start to the year, as we increased revenue 30% year over year to $378.6 million – fueled by a record number of net new customers spending over $100,000 and $500,000 year over year and over Million dollars with Cloudflare on an annual basis, I'm extremely proud of the fact that our team has been able to continue to build our network, serve larger and larger customers, and launch entirely new categories of products, including in the AI space while also maintaining our commitment to our gross and operating margins and cash flow “The heat.” Matthew PrinceCEO of Cloudflare.
Prospects: Cloudflare expects second-quarter revenue to be between $393.5 million and $394.5 million, versus an estimate of $393.4 million, and adjusted earnings of about 14 cents per share versus an estimate of 13 cents.
The company expects full-year 2024 revenue to range between $1.648 billion and $1.652 billion, versus an estimate of $1.653 billion, and adjusted earnings of between 60 cents and 61 cents per share, versus an estimate of 60 cents.
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Net price action: according to Benzinga ProCloudflare shares were down 14.20% after hours at $76.30 at press time on Thursday.
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This article Cloudflare Stock Tanks After Q1 Results, Below-Average Guidance – Here's Why Originally appeared on Benzinga.com
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