Earnings Results: Cloudflare stock rallies 20% following earnings beat, raised revenue outlook

by | Aug 4, 2022 | Stock Market

Cloudflare Inc. shares surged in the extended session Thursday after the cybersecurity company reported results that topped Wall Street expectations and hiked its revenue outlook for the year. Cloudflare 
shares rallied about 21% after hours, following a 0.1% advance in the regular session to close at $58.43.

The company reported a second-quarter loss of $63.5 million, or 20 cents a share, compared with a loss of $35.5 million, or 12 cents a share, in the year-ago period. Adjusted bottom-line results, which exclude stock-based compensation expenses and other items, came in at break-even a share, compared with a loss of 2 cents a share in the year-ago period. Revenue rose to $234.5 million from $152.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of a penny a share on revenue of $227.3 million. “We delivered another strong quarter, with revenue growth up 54% year over year, driven by strength in our large customers, and a record number of large customer additions,” said Matthew Prince, Cloudflare’s chief executive and co-founder, in a statement. “Large customers now represent 60% of our revenue, and they are leaning forward to hear how Cloudflare can save them money and reduce IT complexity, all while increasing their security, performanc …

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