Cloudflare Stock Slides On Q3 Earnings: Revenues Up 32%, Accelerated AI Innovation And More
Portfolio Pulse from Adam Eckert
Cloudflare Inc (NYSE:NET) reported Q3 earnings with revenue of $335.6 million, beating the analyst consensus estimate of $330.53 million by 1.53 percent and up 32% YoY. Adjusted earnings were 16 cents per share, up from 6 cents YoY. The company ended the quarter with $1.574 billion in cash, equivalents and available-for-sale securities. Cloudflare expects Q4 revenue to be in the range of $352 million to $353 million and full-year 2023 revenue to be between $1.286 billion and $1.287 billion. Despite the positive earnings, Cloudflare shares were down 6.97% after hours.

November 02, 2023 | 9:03 pm
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Cloudflare reported better than expected Q3 earnings, but its stock price fell 6.97% in after-hours trading.
Cloudflare reported strong Q3 earnings, beating analyst estimates. However, despite the positive earnings report, the company's stock price fell in after-hours trading. This could be due to investors' expectations being higher than the reported earnings or other market factors not directly related to the company's performance.
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