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
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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 …