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Cloudflare Soars After Quarterly Sales, Profit Top Expectations

In Business
February 09, 2024

(Bloomberg) — Cloudflare Inc. rose in extended trading after the cloud-services software company reported fourth-quarter sales and profit that topped analysts’ estimates.

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Revenue gained 32% to $362.5 million in the period ended Dec. 31, the biggest quarterly growth since 2012, the San Francisco-based company said Thursday in a statement. Profit, excluding some items, was 15 cents a share. Analysts, on average, projected earnings of 12 cents a share on sales of $353.8 million.

A restructuring of the sales force had a positive effect, “while the company may be moving beyond many of the issues that threatened growth last year,” wrote John Butler, an analyst at Bloomberg Intelligence. “Guidance for a 27% sales gain in 2024 aligns with consensus and might prove low if momentum with large customers continues.”

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Chief Executive Officer Matthew Prince attributed the strong results to “robust momentum with large customers, significant progress in the public sector, and growth in Cloudflare One,” the company’s unified networking and security product.

The shares jumped 21% in extended trading after closing at $90.31 in New York. The stock has gained 56% in the past 12 months.

Cloudflare makes software, including cybersecurity products, that helps businesses manage their websites and corporate network equipment whether using the public cloud, on-site data centers or a hybrid combination.

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