Cloudflare Q4 Earnings: Revenue Beat, EPS Beat, Strong Guidance, 'Robust Momentum' And More
Portfolio Pulse from Adam Eckert
Cloudflare Inc (NYSE:NET) reported Q4 earnings with revenue and EPS exceeding estimates, and provided strong guidance for Q1 and the full year 2024. Revenue for Q4 was $362.47 million, surpassing the $353.1 million estimate, with a 32% year-over-year increase. EPS was 15 cents, beating the 12 cents estimate. The company highlighted momentum with large customers and growth in Cloudflare One. Cloudflare expects Q1 revenue between $372.5 million and $373.5 million, and full-year 2024 revenue between $1.648 billion and $1.652 billion, both above estimates. Mark Anderson was appointed as president of revenue. Shares rose over 8% on Thursday and another 14.2% after hours.
February 08, 2024 | 9:52 pm
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Cloudflare Inc reported higher than expected Q4 earnings and revenue, with strong guidance for Q1 and full-year 2024, leading to a significant after-hours stock price increase.
Cloudflare's Q4 earnings and revenue beat, along with optimistic guidance for Q1 and the full year 2024, indicate strong business momentum and financial health. This positive news directly impacts investor sentiment and is likely to lead to a short-term increase in NET's stock price, as evidenced by the after-hours trading activity. The appointment of Mark Anderson as president of revenue to drive further growth adds to the positive outlook.
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