Earnings Results: Cloudflare earnings, outlook tops Street estimates; stock rallies more than 8%

by | Aug 3, 2023 | Stock Market

Cloudflare Inc. shares rallied in the extended session Thursday, after the cybersecurity company’s earnings and outlook topped Wall Street expectations. Cloudflare
shares surged more than 8% in after-hours trading, following a 1.5% gain to close the regular session at $65.04.

The company reported a second-quarter loss of $94.5 million, or 28 cents a share, compared with a loss of $63.5 million, or 20 cents a share, in the year-ago period. Adjusted net income, which excludes stock-based compensation expenses and other items, was 10 cents a share, compared with break-even on a per-share basis in the year-ago period. Revenue rose to $308.5 million from $234.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast net income of 7 cents a share on revenue of $305.6 million. “We believe we’re uniquely positioned to become a leader in AI inferencing and have a lot more in store across the entire AI lifecycle to help enable companies to build the future,” said Matthew Prince, Cloudflare’s co-founder and chief executive, in a statement. Read: Microsoft cybersecurity expansion poses long-term ‘ramifications’ for Palo Alto Networks, Cloudflare, others Cloudflare forecast adjusted earnings of about 10 cents a share on revenue of $330 million to $331 million for th …

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