Cloudflare Analysts Cut Their Forecasts After Q1 Results
Portfolio Pulse from Avi Kapoor
Cloudflare, Inc. (NYSE:NET) exceeded Q1 earnings expectations but provided FY24 revenue guidance below estimates, causing a 12.3% drop in its stock price. The company reported a 30.47% year-over-year revenue growth and anticipates Q2 revenue to slightly beat estimates. Analysts from Baird, Mizuho, Oppenheimer, and Piper Sandler adjusted their price targets on Cloudflare following the earnings announcement.
May 03, 2024 | 1:35 pm
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Cloudflare reported higher than expected Q1 earnings but issued FY24 revenue guidance below estimates, resulting in a 12.3% decrease in its stock price. Analysts have revised their price targets.
The lower than expected FY24 revenue guidance despite beating Q1 earnings forecasts indicates potential concerns about future growth and profitability, leading to a significant stock price drop and adjustments in analyst price targets.
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