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Cloudflare (NET) up 20% After Hours: Here’s What Happened

Following their latest earnings release, CloudFlare (NYSE: NET) shares soared by 20% in after hours trading a testament to the company’s robust performance and forward-looking guidance if we break down the numbers. CloudFlare reported adjusted earnings of 15 cents per…

By Jeremy Phillips
Published February 8, 2024, 5:56pm ET · 1 min read

Two orange banners, each displaying the white Cloudflare logo and text, hang vertically on the side of a modern, light-grey building. The building has multiple large, grid-patterned windows, some slightly ajar, reflecting warm, indistinct shapes. In the upper right background, a small section of a red brick building and an industrial rooftop unit are visible.
Cloudflare's branding prominently displayed on a building, symbolizing its role in internet infrastructure. The company is strategically positioning itself for the evolving AI landscape. © Sundry Photography / iStock Editorial via Getty Images

Following their latest earnings release, CloudFlare (NYSE: NET) shares soared by 20% in after hours trading a testament to the company’s robust performance and forward-looking guidance if we break down the numbers. CloudFlare reported

adjusted earnings of 15 cents per share. Outperforming analysts prediction of 12 cents.

Their revenue reached 362. 5 million, exceeding the anticipated 353. 1 million. This marks a significant 32 percent growth, mirroring their progress from the previous quarter. Notably, the company’s net loss narrowed to 27. 9 million, compared to last year’s 45. 9 million.

CEO Matthew Prince highlighted a remarkable quarter for Cloudflare, including signing their largest ever new customer deal and the biggest renewal, setting a new record for annual contract value.

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Jeremy Phillips

I've been writing about stocks and personal finance for 20+ years. I believe all great companies are tech companies in the long run, and I invest accordingly.

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